5 Sept 2022 , 03:32 PM
The Tranche II Issue (also known as the "Tranche II Issue") has a base issue size of Rs100 crores and an option to retain oversubscription up to Rs900 crores, totaling up to Rs1,000 crores. The coupon rates for the different series of NCDs available for subscription in the Tranche II Issue range from 8.33% to 9.55% annually. The National Stock Exchange of India (NSE) and BSE Limited, collectively referred to as the "Stock Exchanges," are proposed venues for the listing of NCDs, with BSE serving as the designated stock exchange for the Tranche II Issue. The NCDs have received ratings of [ICRA]AA (Stable) and CRISIL AA/Stable from ICRA Limited and CRISIL Ratings, respectively.
The tenures of the NCDs under the Tranche II Issue are 24 months for Series I, II, and III, 36 months for Series IV, V, and VI, and 60 months for Series V. (Series VII, VIII). Effective yield (per annum) ranges from 8.64% to 9.05% for holders of NCDs in Categories I (Institutional Investors) and II (Non-Institutional Investors), and from 9.04% to 9.54% for holders in Categories III (High Net-worth Individual Investors) and IV (Retail Individual Investors). Depending on the series chosen by the investors, the NCDs have annual, monthly, or cumulative interest payment options.For holders of NCDs in Categories I (Institutional Investors) and II (Non-Institutional Investors), the amount due at maturity ranges from Rs1,000 to Rs1,288.21 per NCD, while it varies between Rs1,000 and Rs1,306.07 per NCD for holders in Categories III (High Net-worth Individual Investors) and IV (Retail Individual Investors).
The Company is also providing an extra incentive of 0.25% to Category III and Category IV investors in the proposed Tranche II Issue who are also owners of NCDs or bonds previously issued by the Company, its subsidiaries, or both ("Primary Holder(s)") on the Deemed Date of Allotment and applying in Series I, Series III, Series IV, Series VI, Series VII, and/or other applicable series.
According to the company's balance sheet as of June 30, 2022, borrowings (other than debt securities) totaled Rs31,955.59 crores and cash and cash equivalents totaled Rs4,614.55 crores.
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