Godrej Industries raises Rs 750 cr via NCDs

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.

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.

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.

See Zee Business Live TV Streaming Below:

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.