Aditya Birla Renewables Raises INR 2,500 Crore Through NCD
Aditya Birla Renewables Ltd. (ABReL), a subsidiary of Grasim Industries, has raised up to INR 2,500 crores by allotting 2,50,000 unsecured, listed, rated, redeemable non-convertible debentures (NCDs). With a three-year maturity and an annual coupon rate of 8.60 percent, the issuance aims to support growth in renewable energy projects.
September 25, 2024. By EI News Network
The NCDs have a face value of INR 1 lakh each and are set to mature on September 24, 2027, three years from the date of allotment. They also have an annual coupon rate of 8.60 percent which has three-year maturity.
However, in the event of a default on interest or principal payments on the due date, additional interest at the rate of 2 percent p.a. payable monthly over the documented rate will be payable by the ABReL, said the firm in an exchange filing.
This move aligns with Grasim Industries' broader strategy to strengthen its presence in the renewable energy sector, which is witnessing rapid growth in India. The funds raised from this issuance are expected to be utilised for various initiatives aimed at bolstering the company’s renewable energy projects.
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