CESC Ltd Approves ₹250 Cr Secured NCD Issue

CESC Ltd announced that a Committee of its Board of Directors has approved the issuance of 25,000 Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures (NCDs) with a face value of ₹1 lakh each. The total issue size is ₹250 crore, to be raised on a private placement basis. The NCDs will have a coupon rate of 3 Months T-Bill Rate + 2.60% p.a., payable monthly. The tenure of the instrument is approximately 9 years and 10 months, with a final maturity date of June 30, 2036. The issuance is secured by a first-ranking pari passu charge on the company's immoveable and moveable fixed assets, with a security cover of 1.25x. The NCDs will have a call/put option at the end of 3 years from the allotment date at par.