India’s Emami board approves Rs. 5 billion of redeemable debentures

By Sarah Lizee

Olympia, Wash., Jan. 11 – Emami Infrastructure Ltd. informed the Bombay Stock Exchange that its board of directors approved an issue of up to Rs. 5 billion redeemable nonconvertible debentures.

The company said it signed a term sheet to issue Rs. 1 billion of the debentures and will negotiate the terms of the remaining Rs. 4 billion debentures.

The Rs. 1 billion of debentures will have a coupon of 8.6% to be reset after 18 months and will mature three years after the date of allotment, which is yet to be decided.

Additionally, Emami said it withdrew the approval by its board of directors on Jan. 25, 2017 to issue nonconvertible debentures due to a lack of mutual agreement on the terms.

Emami Infrastructure is a real estate development company based in Kolkata, India.

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