The debentures will be issued on a private placement basis in one or multiple tranches.
The funds raised through the said bond issuance will primarily be used to repay the company’s existing debt. A portion of the funds will also be used for general corporate purposes. The company also stated that the proposed borrowing will result in the reduction of the number of Promoters’ pledged shares.Capacite Infraprojects said that it will determine the date of allotment of the debentures at the time of signing of definitive documents. The date of maturity of the said bonds has been set as 3 years 3 months.
The coupon rate or interest offered on the debt instrument has been set as 13.5% per annum, which is to be paid monthly.The Quarterly amortisation has been fixed at 7.5% for the years 1 to 3, while at 10% in the first quarter of the fourth year. The issuer may prepay 2.5% on any repayment date, adjusting the final instalments accordingly, Capacite Infraprojects mentioned in the stock exchange notification.
Further, the exclusive hypothecation of the security is ‘Mivan Formwork’ worth ₹90 crore, and ‘Plant & Machinery’ worth ₹5 crore.
The debentures will be redeemed in 13 quarterly instalments starting from the end of next quarter from the date of first subscription, out of profits or internal accruals of the company.
Shares of Capacite Infraprojects Ltd rose 2.45%, on Thursday, to hit an intraday high of ₹330.75 per piece on the BSE. However, the stock pared some of its early gains to trade 1.81% higher at ₹328.7 apiece on the BSE in the afternoon session at 1:27 pm.
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