IVR Prime Urban Developers raises Rs 150 crores through NCD issue

IVR Prime Urban Developers Ltd has announced that pursuant to Securities and Exchange Board of India {Issue And Listing Of Debt Securities) Regulations, 2008, the Company issued 1500 Secured Redeemable Non-convertible Debentures of Rs. 10,00,000/- (Rupees one million) each for cash at par aggregating to Rs. 1500 Million, on private placement basis.

The coupon rate of the NCDs is 9.5% p.a. interest payable on quarterly basis. The allotment of the NCDs has been made on March 10, 2010.

The NCDs are issued with a tenor of 36 months, repayable in two equal installments at the end of 24th month and 36th month.

The NCDs will be listed on National Stock Exchange of India Ltd. (NSE).

The issue is being made to meet fund requirements for the business activities of the Company, including downstream investments into infrastructure projects.

The Company has been awarded A+(Ind)(SO) Rating from Fitch Ratings for Rs. 1500 Million Non-Convertible Debenture Programme.

The stock was trading at Rs.177.05, down by Rs.2.70 or 1.50%. The stock hit an intraday high of Rs.182.30 and low of Rs.177.

The total traded quantity was 6590 compared to 2 week average of 38586.

Source : Equity Bulls

Keywords