Sical Logistics to raise Rs 100 crore through NCDs

Kotak Mahindra Bank to redeem the debentures it holds now

Sical Logistics Ltd is planning to raise Rs 100 crore through secured non-convertible debentures (NCDs).

The Board of directors of the company has approved the proposal to raise Rs 100 crore by way of issue of Secured Non-convertible debentures on private placement basis.

The Company shall utilize the proceeds received from out of the fresh issue for the redemption of the existing NCDs before the stipulated time, it said

Kotak Mahindra Bank, which currently holds the 12.75 per cent secured non-convertible debentures of Rs. 100 crores issued by the Company in the year 2013 have through the IDBI Trusteeship Services Limited communicated their decision for an early redemption to fully redeem the debentures on or before August 31, 2016, said the company in an announcement today.