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Chemplast Sanmar has completed early redemption of Redeemable Non-Convertible Secured Debentures (NCDs) using the proceeds from its public issue that was launched in August.
The company redeemed the entire outstanding NCDs on August 31.
The redemption amounting to ₹1,238.25 crore, which was part of the objective of the primary issue, was made using the net proceeds of fresh issue of equity shares of the company (IPO) made in August, according to a statement.
The company said using the net proceeds, the term loan availed by Sanmar Engineering from HDFC Limited has been fully repaid.
Consequently, the security in respect of this loan, including the pledge over the equity shares of Chemplast Cuddalore Vinyls Ltd (CCVL), the wholly owned subsidiary of Chemplast, has been fully released.
With this, there is no pledge over the shares of CCVL, held by the company and the shares of Chemplast Sanmar Ltd held by the promoters.
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