IVRCL Infrastructures & Projects, a Hyderabad-based infrastructure major, has issued 2,000 secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh aggregating Rs 200 crore to the Life Insurance Corporation (LIC) of India with a coupon rate of 12.15 per cent a year, repayable at the end of five years and to be listed on the National Stock Exchange.
The issue is being made to meet the normal capital expenditure, general corporate purposes and long-term working capital requirements. The company has been awarded AA-(Ind) rating from Fitch Ratings for Rs 320 crore NCDs. It proposes to raise the balance Rs 120 crore of NCDs shortly, IVRCL informed the Bombay Stock Exchange today.
