ESSAR ARM RAISED RS. 4,280 CRORE THROUGH NCDs
Essar Group’s telecom holding company (ETHL Communications) has raised Rs. 4,280 crore by
issuing rated, listed, zero coupon, non-convertible debentures (NCDs) through private placement to
part finance the group’s refinery and steel businesses. The issue which opened on October 7, 2009 was oversubscribed by more than three times with over 20 investors across mutual funds, insurance companies and corporates. The Non-Convertible debenture issue was sold in two separate series of Rs. 2,250 crore each, maturing in July 2011 and December 2011. The yield for the series A and series B is 9.15% and 9.25% respectively.
issuing rated, listed, zero coupon, non-convertible debentures (NCDs) through private placement to
part finance the group’s refinery and steel businesses. The issue which opened on October 7, 2009 was oversubscribed by more than three times with over 20 investors across mutual funds, insurance companies and corporates. The Non-Convertible debenture issue was sold in two separate series of Rs. 2,250 crore each, maturing in July 2011 and December 2011. The yield for the series A and series B is 9.15% and 9.25% respectively.
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