Essar Shipping Limited to raise Rs. 400 crores through NCDs

The Board of Directors of Essar Shipping Limited at its meeting held on Friday, August 25, 2023, has considered and approved the issue of upto 400,00,000 (Four Crore Only) 1% Non-Convertible Debentures (herein referred as "NCDs") of Face value of Rs. 100/- each aggregating to Rs 400,00,00,000/- (Rupees Four Hundred Crores Only), in one or more tranches to Essar Steel Metal Trading Limited, subject to the approval of shareholders.

The NCDs shall be secured by first charge on all current assets, receivables and Arbitration award receivable from Steel Authority of India Limited (SAIL) of the Issuer.

Shares of Essar Shipping Limited was last trading in BSE at Rs. 14.51 as compared to the previous close of Rs. 13.82. The total number of shares traded during the day was 339289 in over 490 trades.

The stock hit an intraday high of Rs. 14.51 and intraday low of 14.01. The net turnover during the day was Rs. 4917108.00.

Source : Equity Bulls

Keywords

EssarShipping INE122M01019 FundRaising NCDs EssarSteelMetalTrading