Jagran Prakashan shares up 2% as board approves to raise Rs150cr

A total 1,500 Non-Convertible Debentures (NCD) will be issued at a face value of Rs10lakh by the company.

Apr 28, 2020 12:04 IST India Infoline News Service

Jagran Prakashan
The share price of publishing house Jagran Prakashan soared nearly 2% on exchanges, as the company's board gave green signal to raise additional funds up to Rs150cr via private placement. At around 12.10 pm, Jagran share price was trading at Rs44.10 per piece up by 1.97% on Sensex.

The company has touched an intraday high and low of Rs44.15 per piece and Rs43.90 per piece respectively. On Sensex, the stock opened at Rs44 per piece a little above Rs43.25 per piece of the previous closing.

In a notification, Jagran announced that the debenture committee had granted its approval to raise Rs150cr via private placement.

A total 1,500 Non-Convertible Debentures (NCD) will be issued at a face value of Rs10lakh by the company. The issuance will lead to raising of up to Rs150cr.

Tenor for this NCD would be 4 years from the date of allotment. An investor can redeem 50% which would add up to Rs75cr, at the end of third year. While, remaining can be redeemed at the end of fourth year.

Coupon rate on NCD is set at 8.45% per annum.

Proceeds is expected to be utilised for refinancing existing debt or general corporate purpose or working capital.  

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