CESC Limited ("Issuer" / "Company") has issued 3,000, 7.75% p.a. secured, rated, listed, redeemable, non-cumulative, taxable bonds in the nature of Non-Convertible Debentures ("NCDs") to raise Rs. 300 crores.
The Face value of the instrument is Rs. 10,00,000/- (Rs. Ten Lakh only) per NCD.
The proceeds of the issue will be used utilized by the company for capital expenditure, and/or general corporate purposes.
The proceeds from the NCDs will not be used, either in part or full, for capital market activities, including subscription / purchase of shares & debentures, acquisition or purchase of land or any other speculative business activity. The issue proceeds shall not be used for any purpose which may be in contravention of RBI guidelines for bank financing to corporates.
The NCDs being issued shall be secured through first pari passu charge over the movable and immovable fixed assets of the Issuer (both present and future) with at least 1.4x cover as per latest audited balance sheet at all times during the currency of the NCDs.
The tenor of the instrument is 5 years if the NCDs are not redeemed earlier by way of call/put option at the end of 3 years from the deemed date of allotment.
The Sole Arranger for the issue is ICICI Bank Limited. The instrument has a credit rating of "AA" by CARE with stable outlook.
The instrument will be listed on the Wholesale Debt Market segment of NSE.
Shares of CESC LTD. was last trading in BSE at Rs.580.75 as compared to the previous close of Rs. 567.9. The total number of shares traded during the day was 13022 in over 1101 trades.
The stock hit an intraday high of Rs. 587.25 and intraday low of 570. The net turnover during the day was Rs. 7561353.