Indore Municipal Corporation has launched Secured Redeemable Non-Convertible Debentures (NCDs) of Rs. 1000 each, in total 122 crores, with an option to retain over-subscription up to 122 crores, taking the total issue size 244 crores. The issue will open on February 10 and close on February 14.
Each NCD shall consist of four separate transferable and redeemable principal tranches, each of face value 250. The issue offers a rate of return of 8.25% per annum payable half yearly.
Full application amount is payable on application. The actual allotment of NCDs may take place on a date other than the deemed date of allotment. All benefits relating to NCDs including interest on NCDs/any STRPP forming part of NCDs will be available to the NCD holders from the deemed date of allotment. The NCDs are proposed to be listed on the National Stock Exchange of India Limited.
The secured NCDs to be issued under this issue are rated ‘IND AA+/Stable’ as per India Rating and ‘CARE AA (Stable)’ as per CARE Ratings.
The NCDs and the Transaction Documents (other than the Issue Proceeds Agreement) shall be governed by and construed in accordance with the laws of India and the parties shall submit to the exclusive jurisdiction of the courts and tribunals at Indore. The Issue Agreement shall be governed by and construed in accordance with the laws of India and the parties shall submit to the exclusive jurisdiction of the courts and tribunals at Mumbai.
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