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Editor's Choice, National, Tyre Industry

Apollo uses NCDs to raise 325 crore.

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Posted: June 1, 2016 at 6:19 am   /   by   /   comments (0)

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Apollo Tyres has raised Rs 325 crore through private placement of redeemable non-convertible debentures (NCDs).

The committee of directors-NCDs has allotted NCDs on a private placement basis aggregating to Rs 325 crore, the company said in a BSE filing.

The present issue is for allotment of 3,250 NDCs of face value of Rs 10 lakh aggregating Rs 325 crore and is proposed to be listed on the National Stock Exchange of India, it said.

While the interest payable is 8.65 per cent per annum, in case of delay in payment of interest/principal amount for a period of more than three months from the due date the penal interest will be 2 per cent per annum, the company added.

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