Adani Ports and Special Economic Zone (APSEZ) on Friday said it has raised Rs 900 crore through allotment of non-convertible debentures (NCDs) on a private placement basis
The move comes as the company is trying to stay afloat amid the Covid-19 disruptions the auto component sector has faced due to multiple lockdowns in the past few months
In a regulatory filing, the company said it has been unable to service its obligations towards payment of principal redemption and interest due on September 5, 2020
As many as five companies have raised Rs 882 crore through retail issuance of non-convertible debentures (NCDs) in the first four months of the ongoing fiscal to strengthen their balance sheets
At present SEBI rules require standalone financial information for at least last three years and auditor qualifications from the entity seeking to issue NCDs
IIFL Finance said the NCDs will be listed on the National Stock Exchange
This will be the second fund raise by the listed REIT via the NCD route
The company said its board has also given its consent for exploring and evaluating the proposal to create a platform, which will hold rail infra assets and investments in rail entities
The funds could be raised by way of equity, or debt including NCDs, preference shares and also rights issue or preferential allotment or a combination
The company's board has discussed and approved the issuance of 5,000 listed, rated, unsecured, redeemable, NCDs of face value Rs 10 lakh each
These funds may be raised in one or more tranches, the company said
Dilip Buildcon, in a separate filing, said it has raised Rs 200 crore via NCDs
If the proposal is approved, companies listing their non-convertible debentures won't be obliged to meet disclosure norms
NCDs will carry a coupon rate of 10.10 per cent with a tenure of three years
The NCDs will be listed on the Wholesale Debt Market segment of the BSE.The finance committee meeting of the company held a meeting on Monday.
A total of 6,700 non convertible debentures of face value Rs 10,00,000 each would be issued
A corporate guarantee was given by RCap and put option right was given to the NCD holders. This meant that RCap will be required to purchase the NCDs when the option is exercised
The coupon rate for the issue will be 7.65 per cent per annum, the filing added.
The company has presence across India, South Africa, Namibia, Australia and Ireland
Fund house has carved out separate portfolios in six schemes to hold the exposure