UGRO Capital stock rallies near 4% as board approves allotment of NCDs worth Rs50 crore

24 Aug 2022 , 10:59 AM

UGRO Capital Limited stocks rally in the market on Wednesday’s late morning session after the announcement of allotment of Market Linked Non-Convertible Debentures.

As per the filing, the Committee on Tuesday, August 23, 2022 has, inter-alia, made an allotment of 500 (Five Hundred) Senior, Secured, Rated, Listed, Redeemable, Taxable Principal Protected Market Linked (PP-MLD) Redeemable Non-Convertible Debentures having face value of Rs10,00,000 (Indian Rupees Ten Lakh Only) each, through private placement.

The size of the issue is Rs50 crore and the tenure of the allotted securities is 17 months from the date of allotment. Payment of accrued interest and principal shall be made on the maturity i.e. January 23, 2024.

“The Issue shall be secured by way of a first ranking exclusive and continuing charge to be created pursuant to the deed of hypothecation to be executed between the Issuer and the Debenture Trustee”, the company said.

“In case of breach of the covenants the issuer would be required to pay penal interest of 2% p.a. over the respective coupon rate”, it further added.

At around 11:01 AM, UGRO Capital was trading at Rs186.92 per share higher by Rs6.70 or 3.72% on the BSE. Previously the scrip ended at Rs180.20 per share.