Srei Infra seeks Sebi nod to raise Rs 150 cr via NCDs

Tags: Companies
Srei Infrastructure Finance Ltd has sought market regulator Sebi's approval to raise up to Rs 150 crore through non-convertible debentures (NCDs) for use towards its financial activities.

Srei plans to garner Rs 75 crore through secured, redeemable NCDs of face value of Rs 1,000 and would have the option to retain over- subscription of up to Rs 75 crore, the company said in a draft prospectus filed with the Securities and Exchange Board of India (Sebi).

NCDs are loan-linked securities issued by a company and can't be converted into stocks. They usually carry a higher interest rate than a convertible debenture.

"Public issue by Srei Infrastructure Finance of secured redeemable, non-convertible debentures of face value of Rs 1,000 each, for an amount up to Rs 750 million with an option to retain over-subscription up to Rs 750 million aggregating up to Rs 1,500 million," the draft prospectus said.

The funds raised through this issue would be used for various financing activities, to repay existing loans and for business operations, including capital expenditure as well as working capital requirements.

ICICI Securities, A K Capital Services, SPA Capital Advisors and Srei Capital Market are the lead managers to the issue. Karvy Investor Services, Integrated Enterprises, RR Investors Capital Services, SMC Capitals and Bajaj Capital are the co-lead managers.

Besides, Axis Trustee Services is acting as the debenture trustee to the issue and Karvy Computershare is the registrar to the issue.

Srei which is engaged in infrastructure financing in the country, had raked in Rs 336.34 crore from public issue of NCDs, in fiscal 2013-14.

EDITORIAL OF THE DAY

  • Annual reports make sense only if accountable governance is in place

    It’s a sign of a lack of imagination to expect an annual report by a party in power to pull out some impressive performance given the complex nature

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture