The tyre maker on Friday (24 February 2023) announced that its finance committee has allotted 15,000 non-convertible debentures (NCDs) aggregating to Rs 150 crore on a private placement basis.
On 8 November 2022, the company's board had approved enhancement in the issue of NCDs through private placement from Rs 100 crore to Rs 150 crore which was approved earlier by the board at its meeting held on 9 August 2022.
In an exchange filing, MRF said, The finance committee of the company has allotted 15,000 listed, unsecured, rated, redeemable, taxable, non-convertible debentures each having a face value of Rs 1 lakh aggregating to Rs 150 crore on a private placement basis.
The initial coupon rate will be 7.80% (6.96% + 84 bps). First coupon payment shall be on 24 February 2024 and thereafter annually till redemption of bonds, said the company.
The said debentures will be redeemed at par on 24 February 2026. The NCDs are proposed to be listed on National Stock Exchange of India.
MRF is engaged in the manufacture of rubber products such as tyre, tubes, flaps, tread rubber and/or trading in rubber and rubber chemicals.
The company's consolidated net profit rose 17.03% to Rs 174.83 crore on 14.72% increase in revenue from operations to Rs 5,644.55 crore in Q3 FY23 over Q3 FY22.
The scrip was down 0.01% to settle at Rs 86,751.25 on Friday, 24 February 2023.
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