Motilal Oswal To Raise Rs 200 Crore Through Issuance Of NCDs
The company will raise an amount up to Rs 100 crore with an option to retain oversubscription of up to Rs 100 crore aggregating up to 20,000 NCDs.
Motilal Oswal Financial Services Ltd. on Monday approved the proposal to raise Rs 200 crore through non-convertible debentures on private placement basis.
The board of directors approved the issuance of fully paid, secured, rated, redeemable, listed, senior NCDs with a face value of Rs 1 lakh, the company announced through an exchange filing.
The company will raise an amount up to Rs 100 crore with an option to retain oversubscription of up to Rs 100 crore aggregating up to 20,000 NCDs for an amount of Rs 200 crore. The NCDs will have a tenure of eight years and coupon of 9.25% per annum.
The NCDs are proposed to be listed on Bombay Stock Exchange.
All benefits relating to the NCDs including interest on the NCDs shall be available to the NCD Holders from the Deemed Date of Allotment.
Shares of Motilal Oswal closed 1.48% higher at Rs 632.35. This compares to a 0.13% advance in the NSE Nifty 50 Index. The shares have risen 100.74% year-to-date and 176.74% in the last one year.
