RattanIndia Power Limited allots 1,96,500 NCDs

The Board of Directors of RattanIndia Power Limited ("Company"), has approved the issuance and allotment of 1,96,500 (One Lac Ninety Six Thousand and Five Hundred) non-convertible debentures ('NCDs') of face value Rs. 1,00,000/- each of the Company, at an issue price of Rs. 1,00,000/- per NCD to Aditya Birla ARC Limited - acting on behalf of and in its capacity as trustee of ABARC-AST-002-TRUST (hereinafter "ARC")

Issuance and allotment of aforesaid NCDs has been made consequent to the conversion of an outstanding debt of an equivalent amount, owed by the Company to ARC ("Facility A"), in respect whereof, ARC exercised the option of conversion pursuant to and in terms of the relevant financing agreement between the Company and ARC.

Importantly, the NCDs carry an interest rate per annum, which is less by 1.25 %, in comparison to the rate of interest which was applicable to the erstwhile Facility A, thereby meaning savings in financing cost for the Company.

Shares of RattanIndia Power Limited was last trading in BSE at Rs.3.49 as compared to the previous close of Rs. 3.84. The total number of shares traded during the day was 19036863 in over 6071 trades.

The stock hit an intraday high of Rs. 3.94 and intraday low of 3.47. The net turnover during the day was Rs. 68086404.

Source : Equity Bulls

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