CESC Ltd Approves ₹190 Cr Debt Securities Issue

CESC Ltd announced that its Board of Directors has approved the issuance of 19,000 Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures (NCDs) with a face value of ₹1 lakh each. The total issue size is ₹190 crore, raised through a private placement. The NCDs will have a tenure of 5 years, with a deemed date of allotment on September 24, 2026, and maturity on September 24, 2031. The coupon rate is linked to One Month MIBOR OIS plus a spread of 2.20% p.a., with monthly interest payments. The company has created charges over its immoveable and moveable fixed assets to secure these debentures. A call/put option is available at the end of 3 years from the allotment date at par.