Aditya Birla Finance to raise up to Rs 2,000 cr via maiden NCD issue

Aditya Birla Finance on Monday said it will raise up to Rs 2,000 crore through its maiden public issue of non-convertible debentures (NCDs).

Its subsidiary Aditya Birla Capital has proposed to issue NCDs for an amount up to Rs 1,000 crore with an option to retain oversubscription up to Rs 1,000 crore.

The issue will open on September 27 and close on October 12, with an option of early closure of the issue on such date as may be decided by the Board of Directors, the company said in a statement.

The company proposes to utilise at least 75 per cent of the net proceeds of the issue towards onward lending, financing and repayment of interest and principal of existing borrowings of the company and a maximum of up to 25 per cent of the net proceeds towards general corporate purposes, it added.

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