Convertible Debentures

Embassy REIT raises Rs 1,000 cr through debentures to repay existing loans

Embassy Office Parks REIT has raised Rs 1,000 crore through issue of Non-convertible Debentures (NCDs) to repay its outstanding loan. In a regulatory filing on Tuesday, Embassy REIT said it has raised Rs 1,000 crore through five-year coupon-bearing debt at an interest rate of 7.73 per cent. Embassy REIT will utilise the proceeds from this debt raise to repay its certain existing debt. Through this refinance, Embassy REIT will be able to secure around 70 basis points of interest savings from the existing rate. Ritwik Bhattacharjee, Interim Chief Executive Officer, Embassy REIT, said, the company has raised this amount at a highly competitive rate. "Raising a 5-year NCD allows us to optimally stagger our liability profile and ensure we continue to finance our growth and the rollover of debt maturities prudently," he said. Embassy REIT is India's first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 51.1 million square feet portfolio of 14 office park

RBI lifts restrictions on JM Financial Products on financing against shares

JM Financial on Friday said the Reserve Bank of India has lifted restrictions imposed on its subsidiary JM Financial Products Ltd with regard to financing against shares and debentures. "We wish to inform you that the RBI, vide its letter dated October 18, 2024, has lifted the restrictions imposed by it on the company (JM Financial Products Ltd) through its order dated March 5, 2024," JM Financial said in a regulatory filing. With this communication, the company is permitted to provide, with immediate effect, the financing against shares and debentures in compliance with all applicable laws and regulations, it added. On March 5, the RBI barred JM Financial Products Ltd (JMFPL) from giving loans against shares and debentures, including sanction and disbursal of loans for initial public offering (IPO) of shares with immediate effect.

Mankind Pharma board approves fundraising plan of up to Rs 10,000 cr

Mankind Pharma on Monday said it will raise up to Rs 10,000 crore via issuance of non-convertible debentures and commercial papers. The company said its board has approved to raise up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months. The board's fundraising committee also approved to raise up to Rs 5,000 crore via listed and rated commercial papers, having face value as may be decided in accordance with applicable law, in one or more tranches or series, the drug maker said in a regulatory filing. The company, however, did not disclose how it aims to utilise the raised capital. In July this year, Mankind had announced the acquisition of Bharat Serums and Vaccines from Advent International for around Rs 13,630 crore. The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations and consumer healthcare products. Shares of the company on Monday ended 2.68 per cent down at Rs .

Hinduja group firm to raise Rs 3,000 crore as debentures to fund RCap buy

The zero-coupon debenture issue will open and close on Monday and attract a yield rate of 14.5 per cent

Sebi proposes changes to regulations regarding debenture trustees

Markets regulator Sebi on Wednesday proposed certain changes to regulations related to debenture trustees. A consultation paper has been issued to provide clarity on the term 'pecuniary relationship' of Debenture Trustee (DT) with the issuer under the existing norms and stakeholders can submit their comments till September 11. At present, there are restrictions on appointment of an entity as a DT in case of a certain level of pecuniary relationship with the issuer. The curbs will be applicable if the entity's pecuniary relationship with the issuer amounts to 2 per cent or more of its gross turnover or total income or Rs 50 lakh or such higher amount as may be prescribed, whichever is lower. The gross income will be calculated for the two immediately preceding financial years or during the current financial year. Against this backdrop, some DTs have sought clarity on whether the remuneration being drawn by DTs from the issuer is included or excluded from the purview of 'pecuniary .

Kalpataru Projects International board to raise Rs 300 cr through NCDs

Kalpataru Projects International on Monday said its board has approved the proposal to raise Rs 300 crore through the issuance of Non-convertible Debentures (NCDs) on private placement basis. A total of 30,000 NCDs of face value of Rs 1,00,000 each, aggregating to Rs 300 crore is proposed to be issued, a BSE filing stated. According to the filing, the Executive Committee of the Board of Directors at its meeting held today has approved the issuance of unsecured, rated, listed, redeemable, non-convertible debentures of Rs 300 crore on private placement basis. The NCDs will be listed at the Wholesale Debt Market Segment of BSE Ltd. The deemed date of allotment is June 13, 2024, while its final redemption (100 per cent) will be done by June 11, 2027. The coupon/interest offered is 8.35 per cent per annum.

ShareChat raises $49 mn via convertible debentures from existing investors

The new funds will be utilized to bolster the company's robust monetisation plans and propel it on its path to break-even and beyond, said Ankush Sachdeva, CEO and Cofounder, ShareChat and Moj

ShareChat raises $49 mn via convertible debentures from existing investors

Homegrown social media company ShareChat on Monday announced it has raised USD 49 million (about Rs 407 crore) by way of convertible debentures from existing investors Lightspeed, Temasek and Alkeon Capital, among others. The capital raise will help the company invest further in its ad targeting technology as well as in continuing the growth of consumer transactions business on ShareChat Live and Moj Live, according to a release. "ShareChat (Mohalla Tech Pvt Ltd)...today announced the closure of its USD 49 million funding round via convertible debentures led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest, amongst others," the release said. ShareChat app is already operationally profitable, and short video app Moj is expected to achieve operational profitability over the next few months, it said. As the company marches towards profitability, it announced an organisation-wide ESOP bonus programme that will double the ESOP ownershi

SDI issuances by corporates to rise to Rs 100 crore in FY2024: ICRA

According to ICRA, since FY20, 18 SDIs have been issued by corporate entities, totalling approximately Rs 250 crore

Gensol Engineering raises Rs 900 cr equity capital via convertible warrants

Renewable energy solutions provider Gensol Engineering on Wednesday said it has raised Rs 900 crore through the issue of warrants convertible into equity shares on a preferential basis. The equity fundraise saw participation from international and domestic participants including FPIs such as Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund etc. "Gensol Engineering, a leading renewable energy and electric mobility pioneer, today raised a significant Rs 900 crore equity capital through warrants convertible into equity shares on a preferential basis," a company statement said. The fundraise is subject to shareholders' approval at the EGM of the company to be held on March 2, 2024 and statutory approvals in compliance with SEBI Regulations. "We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol's financial position, facilitating new possibilities with funds being ...

Only a successor has claim over shares, not a nominee: Supreme Court

The court said that the succession of these instruments (shares and debentures) will be determined by the deceased's Will or as maintained by succession laws

Sebi issues template for info sharing by CRAs to debenture trustees

Credit rating agencies will have to submit their disclosures to the debenture trustees in a specified format for easier accessibility and analysis of the data submitted by them, according to Sebi. Under Sebi norms, credit rating agencies (CRAs) have to share certain information with Debenture Trustees (DTs). "Due to the large quantum of information submitted daily by CRAs to DTs, as well as short timelines mandated for disclosure of this information by DTs, it is essential that the data shared by CRAs be structured and submitted in a specified format for easier accessibility and analysis of the submitted data," the regulator said in a circular on Monday. In this regard, the Securities and Exchange Board of India (Sebi) has come out with an Excel template. "CRAs shall use the same template for their daily submissions of rating revisions to DTs," as per the circular, which will be effective from October 1. Further, CRAs should report on their compliance with the circular, as ratifie

Embassy Office Parks REIT raises Rs 500 cr via debentures to refinance debt

Embassy Office Parks REIT on Monday said it has raised Rs 500 crore through issue of debentures to refinance its existing debt. In a regulatory filing, the company informed that the Debenture Committee of the Board of Directors of the manager has approved the allotment of 50,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh on a private placement basis. On August 23, the company announced plans to raise Rs 1,000 crore through issue of NCDs in two tranches. The tenure of the NCDs is 60 months from the deemed date of allotment, with a coupon rate of 8.10 per cent per annum payable on a quarterly basis to the debenture holders. These NCDs are proposed to be listed on the Wholesale Debt Market Segment of the BSE Limited. Embassy Office Parks REIT has reported a 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared a distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 6

Indus Towers accepts Vodafone Idea's payment plan for its dues

Indus Towers posted a net profit of Rs 872 crore in the second quarter of the fiscal year (FY2023) on a revenue of Rs 7,967 crore

Equity issue to govt is precondition for Vodafone Idea debenture issue

Last Friday, firm's Vi decided to issue 16,000 OCDs to American Tower Corporation and raise Rs 1,600 cr. Company has convened EGM on November 21 to approve the plan

Vodafone Idea gets board of directors' nod to raise Rs 1,600 cr from ATC

Board approves issue of debentures

Vodafone Idea board to mull issuing convertible debentures to a vendor

Development comes on the heels of Indus Towers warning the financially stressed telecom company of disconnection of services over non-payment of dues

Sebi slaps Rs 12 cr penalty on Sahara group firms in OFCD issue matter

Asserts that by representing the OFCD as pvt placement, issuers deprived subscribers of various measures of investor protection

Grasim to raise up to Rs 2,000 cr via debentures to fund capex programme

Grasim has lined up investment for foray into decorative paints with project cost estimated at Rs 10,000 crore by FY25

NTPC seeks shareholders' nod to raise Rs 18,000 crore via bonds

State-owned NTPC will seek shareholders' approval to raise Rs 18,000 crore through the issuance of bonds or debentures in its annual general meeting on September 28.