Chennai: Nayara Energy announced that it has successfully raised Rs 2,285 crore through placement of Non-Convertible Debentures (NCDs) in the domestic market.
According to a company statement, the issue got over-subscribed by 128.5 per cent over the base size of Rs 1,000 crore. Proceeds of the issue will be utilised for refinancing of existing debt, routine capex and general corporate purpose.
The secured NCDs are rated ‘AA’ with stable outlook by CARE Ratings and was offered with a coupon rate of 8.75 per cent with a three year bullet maturity, it added.