Kalpataru Projects Authorises Rs 300 Crore Fundraise
The stock rose as much as 3.53% during the day to Rs 1,309.15 apiece on the NSE.
Kalpataru Projects International Ltd.'s board of directors approved on Monday a proposal to raise Rs 300 crore through the issuance of non-convertible debentures on a private placement basis.
A total of 30,000 NCDs with a face value of Rs 1 lakh each will be issued, aggregating to unsecured, rated, listed, redeemable, and non-convertible debentures worth Rs 300 crore. The executive committee of the board approved the issuance at its meeting, according to an exchange filing.
The NCDs will be listed in the wholesale debt market segment of BSE. The deemed date of allotment is June 13, while its final redemption will be done by June 11, 2027.
The coupon or interest offered is 8.35% per year. A bullet redemption at the end of 36 months from the date of allotment has been set by the board.
Shares of Kalpataru rose as much as 3.53% during the day to Rs 1,309.15 apiece on the NSE. It was trading 1.32% higher at Rs 1,282.15 per share, compared to a 0.35% advance in the benchmark Nifty at 2:03 p.m.
The stock has risen 1.42% on a year-to-date basis and 139.22% in the last 12 months. The total traded volume so far in the day stood at 0.84 times its 30-day average. The relative strength index was at 60.73.
Out of the 14 analysts tracking the company, 11 have a 'buy' rating on the stock, two recommend 'hold' and one suggests 'sell'. The average of 12-month analysts' price targets implies a potential downside of 2.7%.
(Text inputs from PTI)
