Srei Infrastructure Finance Ltd. said it had sought market regulator Securities and Exchange Board of India or SEBI's nod to raise up to Rs.150 crore through issue of non-convertible debentures (NCDs).
Srei Infrastructure is planning to garner up to Rs.75 crore through secured, redeemable, NCDs, and would have the option to retain an over-subscription of up to Rs.150 crore, the company said in a draft prospectus filed with the market regulator.
An NCD is a type of loan-linked security issued by a company that cannot be converted into stock and usually carries a higher interest rate than a convertible debenture.
The company said the funds generated from NCDs would be utilized for its various financing activities, to repay our existing loans and its business operations,including for its capital expenditure and working capital requirements.
ICICI Securities, A K Capital Services, Trust Capital Investment Advisors and Srei Capital Markets are the lead managers to the issue.
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