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Indus board clears upto Rs 1500 crore fundraise via NCD issue

Indus Towers’ board on Friday accredited elevating funds by means of issuance of non-convertible debentures (NCDs) of as much as Rs 1,500 crore in a number of tranches on non-public placement foundation.

“The board-constituted committee of administrators for fund elevating in its assembly held immediately, has, inter alia, accredited the providing of NCDs of whole as much as Rs 1,500 crore (base problem measurement of Rs 1,000 crore and inexperienced shoe possibility of as much as an extra Rs 500 crore) in three sequence, on non-public placement foundation,” Indus mentioned in a late Friday night change submitting.

At Indus’s second quarter earnings name final month, CFO Vikas Poddar had mentioned that the corporate is elevating funds through issuance of NCDs because it’s categorized as a big company, and is accordingly, required to adjust to a provision of elevating a minimal 25% of its incremental long-term borrowing by the use of debt securities. He had added that the cash can be used for funding in direction of the corporate’s development and funding capex wants.

Indus had just lately made a provision of Rs 1,770.9 crore in direction of uncertain debt within the fiscal second quarter, a pointy 43% rise on-quarter, because the telecom infrastructure supplier was but to obtain cost from cash-strapped

(Vi), a key buyer. Indus, in reality, has agreed to Vi’s request for softer cost phrases.

The dues from Vi have damage Indus’s second quarter web revenue which plunged 44% on-year to Rs 872 crore. ET had earlier reported that Vi owes practically Rs 7,000 crore to Indus.

Below the softer cost proposal, Vi will clear its dues excellent as of December 31, 2022, between January and July 2023, and 100% of its dues from January 2023 onwards.

Indus shares closed 0.8% increased at Rs 203.25 on the BSE Friday.

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