The Rs 100 crore secured non-convertible debenture (NCD) issue of developer DS Kulkarni opens on August 4.

The company has the option to retain oversubscription of up to Rs 100 crore taking the total issue size to Rs 200 crore.

The company proposes to use the issue proceeds for projects under development.

The NCD offers four investment options. For options I, II and IV the minimum application size is five NCDs aggregating Rs 25,000 (face value Rs 5,000) while for option III the size is one NCD of size Rs 25,000 (face value Rs 25,000).

The coupon rates for these four options are 12.5 per cent per annum for option I, 12.65 per cent for option III and 12.75 per cent for option IV.

The effective yields are 13.1 per cent per annum for Option I; 13.43 per cent for Option II; 12.65 per cent for Option III and 13.52 per cent for Option IV.

The tenor for these four options are-36 months with quarterly interest payout for option I ; 66 months and payout on maturity of option II; 72 months for option III with annual payout and 84 months with annual payout for option IV.

The company is offering an extra 25 basis points coupon rate to women investors, employees, shareholders, senior citizens, servicemen and ex-servicemen.

The NCDs have been rated 'CARE BBB+' by CARE for an amount of upto Rs 200 crore and would be listed on the BSE.

SBI Capital Markets is the lead manager to the issue.

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