The move comes at a time when digital gold is gaining importance in the Indian market and is becoming a hit with millennials, primarily due to ease of investing.
One can invest digitally without any hassle and purchase 24K pure gold with even Re 1. 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. Balkrishna Industries on Saturday said it will raise up to Rs 1, crore through long-term borrowings. In a regulatory filing, the company said its board at a meeting held on Saturday decided to raise "funds up to Rs 1, crore through broader means of long-term finance".
The company will issue NCDs aggregating to Rs crore, with a green-shoe option to retain oversubscription up to Rs crore, a release said.
The secured and unsecured NCDs come with a face value of Rs 1, each. The issue includes a base issue size for an amount of up to Rs 75 crore with an option to retain oversubscription up to Rs 75 crore aggregating up to Rs crore. This was the tranche-1 NCD issue of the housing finance company with a base issue size of Rs crore and a greenshoe option of up to Rs crore. Bonds will offer up to 8. Maturities are spread across 39 months to months. The funds would be raised on private placement basis in one or more tranches, according to the notice for 52nd Annual General Meeting AGM to be held on September 24, Features Typically provide higher rates of financial return than Government Bonds or bank interest rates.
These are called Convertible Debentures and usually pay a lower interest rate to the lender the investor. Interest is paid to investors whether or not the issuing company makes a profit.
Are transferable from investor to investor. The company, however, did not disclose the quantum of funds that would be raised through the debt instruments. Idea raised Rs 1, crore on December 13 and Rs 1, crore on January 4 through issue of debentures on private placement. The government is readying a crackdown on donation and capitation fee in several private schools and colleges, helping funnel thousands of crores of rupees of unaccounted cash.
Many unlisted companies for turning "black" money into "white" through convertible debentures are also under the scanner. The company needs to file a return of allotment along with the complete list of allottees within 15 days from the date of allotment in Form PAS The conditions relating to the issue of International Securities Identification Number ISIN , as may be specified by the Board from time to time shall be complied with.
While making any private placement under the shelf disclosure document, the company shall file with the concerned stock exchange an updated disclosure document with respect to each tranche, containing details of the private placement and material changes, if any, in the information provided in the shelf disclosure document.
Creation of Security: An undertaking in the Information Memorandum is to be given that the assets on which charge is created are free from any encumbrances and in cases where the assets are already charged to secure a , the permission or consent to create a second or pari-passu charge on the assets of the issuer has been obtained from the earlier creditor. Trading of NCDs: The NCDs issued on a private placement basis, which are listed in recognized stock exchanges, shall be traded and such trades shall be cleared and settled in recognized stock exchanges subject to conditions specified by the Board.
In case of trades of NCDs which have been made over the counter, such trades shall be reported on a recognized stock exchange having a nationwide trading terminal or such other platform as may be specified by the Board.
Every rating obtained shall be periodically reviewed by the registered credit rating agency and any revision in the rating shall be promptly disclosed to the stock exchange s where the NCDs are listed and also to be disseminated to investors and prospective investors. The issuer, the respective debenture trustees and stock exchanges shall disseminate all information and reports on the NCDs, including compliance reports filed by the issuers and the debenture trustees regarding the NCD to the investors and the general public by placing them on their websites.
Debenture trustee shall disclose the information to the investors and the general public by issuing a press release if there is a default to pay interest or redemption amount or failure to create a charge on the assets or revision of rating assigned to NCD.
Obtaining credit rating from one of the recognized credit rating agency. Apply for one or more stock exchange for the listing of NCDs and obtain in-principle approval. Appointment of debenture trustee and execution of debenture trust deed.
Obtaining in-principal approval from the stock exchanges. No Compliance Timeline 1. Intention to raise funds through new non-convertible debt securities to stock exchange.
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