SREI Infrastructure to raise up to Rs 1,500 crore via NCDs

KOLKATA: SREI Infrastructure Finance has decided to raise Rs 1,500 crore in one or more tranches through public issue of secured, redeemable, non-convertible debentures (NCDs).

The company plans to issue NCDs of Rs 1,000 each aggregating to Rs 250 crore with an option to retain over-subscription aggregating to Rs 1,500 crore through the first tranche.

The first tranche will open for subscription on September 29 and is scheduled to close on October 31, 2014, the company release stated.

The NCDs offers an annualized effective yield of up to 11.75 % per annum with a credit rating of 'CARE AA -' by CARE and 'BWR AA' by Brickwork.

The company, in its mediastatement, said net proceeds raised through the issue would be utilised for lending and repayment of loan and for general corporate purposes.

ICICI Securities, A.K. Capital Services, Edelweiss Financial Services, SPA Capital Advisors, and SREI Capital Markets are lead managers to the issue.