By Angela McDaniels
Tacoma, Wash., Feb. 27 – Electrosteel Castings Ltd. priced Rs. 2 billion of secured redeemable debentures due March 1, 2023 in two series, according to a letter sent to BSE Ltd.
The company priced Rs. 1.25 billion of series VI debentures with an 11.75% coupon and Rs. 750 million of series VII debentures with a 12% coupon.
Interest is payable monthly.
The series VI debentures are redeemable in 20 equal quarterly installments beginning at the end of the fifth quarter following issuance. The series VII debentures are redeemable in 16 equal quarterly installments beginning at the end of the ninth quarter following issuance.
The debentures are being issued via private placement.
The banking and authorization committee of the board of directors approved the issuance at its meeting on Monday.
Electrosteel Castings is a Kolkata, India, maker of water and sewer pipes.
| Issuer: | Electrosteel Castings Ltd.
|
| Issue: | Secured redeemable debentures
|
| Amount: | Rs. 2 billion
|
| Maturity: | March 1, 2023
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 2
|
|
|
| Series VI debentures
|
| Amount: | Rs. 1.25 billion
|
| Coupon: | 11.75%, payable monthly
|
| Redemption: | 20 equal quarterly installments beginning at end of fifth quarter
|
|
|
| Series VII debentures
|
| Amount: | Rs. 1.25 billion
|
| Coupon: | 11.75%, payable monthly
|
| Redemption: | 16 equal quarterly installments beginning at end of ninth quarter
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
