Jagran Prakashan raise Rs 150 cr via NCDs

MUMBAI: Media firm Jagran Prakashan has raised Rs 150 crore through Non-Convertible Debentures.

"The company has alloted 1,500 Secures Redeemable Non-Convertible Privately Placed Debentures (NCDs) of face value of Rs 1000000 each, aggregating to Rs 150 crore to the subscribers," it said in a filing to the BSE.

NCDs are loan-linked bonds issued by a company that cannot be converted into stock and usually offer higher interest rate than that of convertible debentures.

"The company has repaid its short term high interest debt taken from Deutsche Bank AG, New Delhi and has also reduced its working capital availment, as a result of which there is no change in company's gross and net debt," it added.

Shares of Jagran Prakashan closed at Rs 100.65 on BSE.