Balkrishna Industries Limited has approved a proposal to raise up to Rs 550 crore through the issuance of non-convertible debentures on a private placement basis.
The Finance Committee of the company's Board of Directors approved the issuance and allotment of up to 55,000 rated, listed, senior, unsecured, redeemable, non-cumulative, non-convertible debentures with a face value of Rs 1,00,000 each. The securities will be issued in multiple tranches to eligible investors and listed on the BSE.
Balkrishna Industries stated that specific details regarding coupon rates, payment schedules, tenure, and maturity dates will be determined and disclosed at the time of final allotment. No charge or encumbrance on company assets will be created in connection with the unsecured issue.