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CESC to raise Rs 300 crore through issuance of NCDs

India-settled power utility company CESC on Wednesday said that “The board has approved to raise Rs 300 crore through issuance of non-convertible debentures (NCDs).”

In a filing at the BSE, the company said, “An issue of 3,000 NCDs having a face value of Rs 10 lakh each for cash at par aggregating to Rs 300 crore, on a private placement basis, has been approved today.”

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“The proceeds of the issue will be utilized for capital expenditure and general corporate purpose and will not be used either in part or in full for capital market activities including subscription/purchase of shares & debentures, acquisition or purchase of land or any other speculative business activity,” the filing added.

Adding to the filing, the company said, “The issue of proceeds shall not be used for any purpose which may be in contravention of RBI guidelines for bank financing to corporates and it is proposed to be listed on the Wholesale Debt Market segment of the NSE.”