Ucal Ltd to raise up to Rs 50 crore from issuing NCDs

Chennai, March 13 (IANS) Automotive component maker Ucal Ltd will be raising up to Rs 50 crore debt by issuing non-convertible debentures (NCD), the company said on Wednesday.

In a regulatory filing, the Rs 584.29 crore revenue Ucal Ltd said the Board of Directors, at their meeting, has approved raising Rs 30 crore from fully-paid NCDs and up to Rs 20 crore from partly-paid NCDs.

The fully paid NCDs will mature in 30 months from the deemed date of allotment and will carry a coupon rate of 11.50 per cent per annum.

The partly paid NCDs for working capital needs will mature in 13 months from the deemed date of allotment, and also carry a coupon rate of 11.50 per cent per annum.

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