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regular-article-logo Monday, 27 May 2024

Motilal Oswal to seek investment of Rs 1000 crore through non-convertible debentures

The company proposes to raise through the secured redeemable NCDs of the face value of Rs 1,000 each an amount of up to Rs 500 crore (base issue size), with a green shoe option of up to Rs 500 crore

A Staff Reporter Calcutta Published 17.04.24, 11:17 AM
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Representational image File picture

Motilal Oswal Financial Services will raise Rs 1000 crore through non-convertible debentures (NCDs). The company’s shares at Rs 2,032.35 were up 2.22 per cent on the BSE on Tuesday.

The company proposes to raise through the secured redeemable NCDs of the face value of Rs 1,000 each an amount of up to Rs 500 crore (base issue size), with a green shoe option of up to Rs 500 crore.

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“There are eight series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly and at-maturity interest options. Effective annual yield for NCDs ranges from 8.85 per cent to 9.70 per cent,” the company said.

The issue is scheduled to open on April 23 and close on May 7. At least 75 per cent of the funds raised through this issue will be used to meet working capital requirements and repayment of existing liabilities and the balance will be used for general corporate purposes.

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