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Industrial Finance Corporation of India’s (IFCI) public issue of non-convertible debentures (NCD) will hit the market on October 20, its CEO & Managing Director Malay Mukherjee has said.
The NCDs will come in tenures of 5, 7 and 10 years, and would be listed in both the BSE and National Stock Exchange, Mukherjee told BusinessLine here.
CHANGE OF TACK
IFCI initially wanted to list the NCDs on the BSE Ltd only. It has now decided to list them on both the BSE and NSE, Mukherjee said.
Listing on both bourses would be useful as it would provide investors a wider trading platform, he said.
IFCI is an original promoter of NSE, the country’s largest bourse by profits.
ISSUE SIZE, COUPON
This IFCI NCD offering — which will be open for one month from Monday next — will have an issue size of ₹250 crore, with a green shoe option of up to ₹2,000 crore.
Each bond will have a face value of ₹1,000 each.
Retail investors in this NCD issue will get a coupon of 9.9-10 per cent per annum.
On the other hand, wholesale investors could get a coupon of 9.4-9.8 per cent per annum.
As much as 75 per cent of the sum mobilised is proposed to be used for lending, with the balance being utilised for general corporate purposes.
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