ITV

Tag: Non-Convertible Debentures

  • RJIL issues INR 2,000 crore 5-year NCDs

    RJIL issues INR 2,000 crore 5-year NCDs

    MUMBAI: Reliance Jio Infocomm Limited (RJIL), a subsidiary of Reliance Industries Limited (RIL), today issued INR 2,000 crore of 5 year Non-Convertible Debentures (NCDs), bearing a coupon of 8.32% per annum, payable annually. The issue has been assigned a rating of AAA by CRISIL and ICRA. The proceeds of the issuance shall be utilized by RJIL for rolling out a state-of-the-art digital services business in India.

    RJIL is the first issuer outside the financial services industry in India, to raise funds digitally through the EBP route. This is also the largest debt issuance in the Indian market by any issuer since the electronic bidding platform has been mandated by SEBI for private placement of debt, effective 1st July this year.

    The transaction was fully subscribed within minutes of opening and was eventually over-subscribed with a total book size in excess of INR 3500 crores, Reliance Jio said. Key investors include the prominent asset management companies and banks.

    “We are overwhelmed by the response that we have received for our maiden issuance on the BSE-BOND platform. It reinforces the faith investors have in our next generation digital services business. The launch of the EBP platform is a significant step towards the development of market infrastructure for Indian Corporate Bond market. It will make the debt issuance process significantly more smooth and transparent for issuers as well as investors” said Soumyo Dutta, Treasurer, Reliance Industries Limited.

  • RJIL issues INR 2,000 crore 5-year NCDs

    RJIL issues INR 2,000 crore 5-year NCDs

    MUMBAI: Reliance Jio Infocomm Limited (RJIL), a subsidiary of Reliance Industries Limited (RIL), today issued INR 2,000 crore of 5 year Non-Convertible Debentures (NCDs), bearing a coupon of 8.32% per annum, payable annually. The issue has been assigned a rating of AAA by CRISIL and ICRA. The proceeds of the issuance shall be utilized by RJIL for rolling out a state-of-the-art digital services business in India.

    RJIL is the first issuer outside the financial services industry in India, to raise funds digitally through the EBP route. This is also the largest debt issuance in the Indian market by any issuer since the electronic bidding platform has been mandated by SEBI for private placement of debt, effective 1st July this year.

    The transaction was fully subscribed within minutes of opening and was eventually over-subscribed with a total book size in excess of INR 3500 crores, Reliance Jio said. Key investors include the prominent asset management companies and banks.

    “We are overwhelmed by the response that we have received for our maiden issuance on the BSE-BOND platform. It reinforces the faith investors have in our next generation digital services business. The launch of the EBP platform is a significant step towards the development of market infrastructure for Indian Corporate Bond market. It will make the debt issuance process significantly more smooth and transparent for issuers as well as investors” said Soumyo Dutta, Treasurer, Reliance Industries Limited.

  • Dish TV seeks shareholder nod to borrow up to Rs 3000 crore

    Dish TV seeks shareholder nod to borrow up to Rs 3000 crore

    MUMBAI: Dish TV India has called on its shareholders to participate in a postal ballot to decide a few key decisions which will help it rev up its business going forward. The ballot that will take place between 8 August and 6 September firstly seeks permission from its shareholders to authorise the board of directors (BOD) to borrow up to Rs 3000 crore over and above the company’s paid up share capital and free reserves.

     

    Secondly, it seeks to authorise the BOD to create a charge/mortgage on its assets that will aid the borrowings. However, it says it will take care to keep the loan amounts well within the maximum borrowing limits, including all taxes. In an earlier meeting, the BOD had approved of the plan and it is now seeking Dish TV shareholders’ nod for the same.

     

    Additionally, it has sought their go-ahead to allow it to invite companies and individuals to subscribe to its non-convertible debentures (NCDs) through the private placement route. If the resolution is passed – which is quite likely –  it will allow Dish TV India  to make offers within one year seeking subscription for secured and/or unsecured, redeemable NCDs  in one or more series/tranches/currencies to persons such as FIIs, mutual funds, banks, body corporate, persons etc. These can be either Indian or foreign and the condition is that no single tranche will be more than Rs 500 crore and will be well within the boundary of the borrowing limit.

     

    Dish TV has informed shareholders that the BOD could take recourse to various instruments such as equity, project loans, corporate loans, bank and financial institutional loans or debentures to raise funds going forward. A right mix of all of these would help it get funding at an optimum cost.  Subject to member approval, the board says it is evaluating  the process of raising money through non convertible debentures on private placement basis.

     

    The last resolution – if pased – will authorise the BOD to make investments/give any loan or guarantee /provide security to any of Dish TV India’s subsidiary/associate companies to the tune of Rs 500 crore. This could be done from time to time and in tranches.  The investments, guarantees and securities are aimed to bring about optimum utilisation of the company’s  funds and achieve long term strategic and business objectives, the Dish TV postal ballot notice to the Bombay stock exchange says. 

     

    The aggregate of the investments that it will make along with the securities that it may provide to a loan taken by a subsidiary/associate company, guarantees and the proposed investments can be more than 60 per cent of the paid up share capital and free reserves and securities premium account or 100 per cent of its free reserves and securities premium account, whichever may be higher.

     

    “Your company has embarked upon a growth path and is constantly reviewing opportunities for expansion of its business operations,” says a note to Dish TV shareholders.