CESC to Raise Rs 300 Cr via NCDs

Kolkata, Sep 24 (PTI) Power utility CESC Ltd on Wednesday said its board has approved raising Rs 300 crore through non-convertible debentures (NCDs) on a private placement basis.

The company will issue 30,000 NCDs (redeemable, senior, secured, rated, and unlisted) of Rs 1 lakh each at par of three years, carrying a floating coupon rate linked to the three-month Treasury Bill rate plus 2.30 per cent per annum, it said in a regulatory filing.

In case of a default in servicing, an additional interest of 2 per cent per annum over the coupon rate will be payable, it said.

In April, the power utility had raised Rs 250 crore via NCDs from Axis Bank.

The Kolkata-based company had recently announced that its subsidiary – CESC Green Power – will invest Rs 5,000 crore across multiple clean energy initiatives, including setting up a 3-GW solar cell and module plant, a battery manufacturing facility, a 60-MW renewable energy power plant, and value-chain units.