Cholamandalam Investment and Finance Company to raise funds through NCD issue

The Board of Directors of Cholamandalam Investment and Finance Company Ltd at its meeting held on July 28, 2011, has approved the issue of 1,00,000 short term / long term, Redeemable, Non-Convertible Debentures of a face value of Rs. 10 lakhs each at par in one or more tranches on private placement basis.

The Board approved issue of 4500 unsecured Redeemable, Non-Convertible Debentures (subordinated debt) of a face value of Rs. 10 lakhs each at par aggregating to Rs. 450 crores in one or more series on private placement basis.

The Board also approved issue of 8000 unsecured Redeemable, Non-Convertible Debentures (perpetual debt) of a face value of Rs. 5 lacs each at par aggregating to Rs. 400 crores in one or more series on private placement basis.

The stock closed the day at Rs.170.25, down by Rs.4.55 or 2.60%. The stock hit an intraday high of Rs.175.70 and low of Rs.168.

The total traded quantity was 4552 compared to 2 week average of 12010.

Source : Equity Bulls

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