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Srei Infrastructure Finance to raise upto Rs. 1500 crores through Public issue of secured, redeemable NCDs
Posted On : 2014-10-02 01:14:23( TIMEZONE : IST )
Srei Infrastructure Finance Limited is proposing a public issue of secured, redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each amounting up to Rs 2,500 million(Base Issue Size), with an option to retain over-subscription aggregating up to the Shelf Limit i.e. Rs 15,000 million (Tranche 1 Issue)*.
The NCDs offer an annualized effective yield of up to 11.75 % p.a. with a credit rating of CARE AA- (Double A Minus) by CARE and BWR AA (BWR Double A) by Brickwork. Instruments with such ratings are considered to have high degree of safety regarding timely servicing of financial obligations.
The net proceeds raised through this Tranche 1 Issue will be used for following activities in the ratio provided as follows, (I) For the purpose of lending/repayment of loan-minimum 75% of the Net Proceeds of the Issue. (II) For General Corporate Purposes up to 25% of the Net Proceeds of the Issue. The unutilized amount if any will be used for purpose of lending/repayment of loan.
The NCDs offer an annualized effective yield of up to 11.75% p.a. with a credit rating of "CARE AA-" by CARE and "BWR AA" by Brickwork. Instruments with such ratings are considered to have high degree of safety regarding timely servicing of financial obligations.
ICICI Securities Limited, A.K. Capital Services Limited, Edelweiss Financial Services Limited, SPA Capital Advisors Limited and Srei Capital Markets Limited are Lead Managers to the Issue. Karvy Investor Services Limited, Integrated Enterprises (India) Limited, RR Investors Capital Services Private Limited, SMC Capitals Limited and Bajaj Capital Limited are Co-Lead Managers to the Issue. Axis Trustee Services Limited has pursuant to regulation 4(4) of SEBI Debt Regulations,given its consent for its appointment as Debenture Trustee to the Issue and Karvy Computershare Private Limited is Registrar to the Issue.
Shares of SREI INFRASTRUCTURE FINANCE LTD. was last trading in BSE at Rs.46.55 as compared to the previous close of Rs. 47.5. The total number of shares traded during the day was 116079 in over 1132 trades.
The stock hit an intraday high of Rs. 48.15 and intraday low of 46.25. The net turnover during the day was Rs. 5472030.
