Latest News | Godrej Industries Raises Rs 750 Cr Via NCDs

New Delhi, Sep 28 (PTI) Godrej Industries Ltd on Tuesday said it has raised Rs 750 crore through private placement of non-convertible debentures.

The management committee of the board of directors of the company has on September 28 approved the allotment of 7,500 rated, listed, unsecured, redeemable, non-convertible debentures having face value of Rs 10 lakh aggregating to Rs 750 Crore to an identified investor, Godrej Industries Ltd said in a regulatory filing.

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The company, which is a holding company of the Godrej Group, however, did not disclose the identity of the investor.

The proceeds of the issue are proposed to be used for business purposes, investments, repayment or prepayment of certain loans and for general corporate purposes, it added.

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The NCDs, which will be listed on the National Stock Exchange of India, will have a tenure of 7 years with a redemption date slated for September 28, 2028, it added.

Carrying a coupon rate of 7.58 per cent per annum, payable annually, the NCDs will be redeemed at redemption price of Rs 10 lakh per NCD, the company said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)