Varroc Engineering board nods allotment of debt securities worth Rs375cr via private placement

The current market cap of the company is Rs4,627.14cr.

Sep 17, 2021 01:09 IST India Infoline News Service

Varroc Engineering Ltd has informed to the exchange regarding allotment of 3,750 rated, listed, secured, redeemable, non-convertible debentures of a face value of Rs10 lakh each aggregating to Rs375cr on a private placement basis.

The company informed that the Finance Committee of the Board of Directors on September 17, 2021 approved the allotment of:
  • 1,250 rated listed secured redeemable non-convertible debentures of the face value of Rs10 lakh each aggregating to Rs125cr.[“Option - I Debentures”]; and
  • 2,500 rated listed secured redeemable non-convertible debentures of the face value of Rs10 lakh each aggregating to Rs250cr [“Option - II Debentures”]; to the investors identified by the Committee at its meeting held on September 16, 2021.
Schedule of payment is:
VEL Option I Debentures: September 17, 2022 and June 17, 2023
VEL Option II Debentures: September 17, 2022 and September 17, 2023

Allotment date: September 17, 2021 Redemption date: Option I Debentures: June 17, 2023 Option II Debentures: September 17, 2023.

At around 1:19 PM, Varroc Engineering was trading at Rs304.40 per piece up by Rs1.55 or 0.51% on Sensex.

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