Shares of Kalpataru Power rose nearly 3% today after board of directors cleared raising of Rs 99 crore through the issuance of non-convertible debentures (NCDs). The issue will be carried out on private placement basis.
In the afternoon session, shares of Kalpataru Power hit an intraday high of Rs 517.95, rising 2.72% against the previous close of Rs 504.25 on BSE. The power sector stock has gained after 4 days of consecutive fall. Earlier, Kalpataru Power stock opened lower at Rs 503.05 on BSE.
Kalpataru Power stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. It is trading 2.95% away from 52-week high of Rs 532.75 hit on December 2, 2022.
The stock has gained 37.29% in a year and risen 38.3% in 2022.
Market cap of the firm rose to Rs 7710 crore. Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 73.30 lakh on BSE.
Kalpataru Power said, “The Executive Committee of the Board of Directors of the Company at its meeting held today has approved the issuance of Listed, Rated, Unsecured, Redeemable, Taxable, Non-Convertible Debentures of Rs 99 crore on private placement basis.”
The NCDs have a face value of Rs 10 lakh each. The issue will be listed on the Wholesale Debt Market and BSE. The date of allotment of debentures is set on December 9, 2022, which is tomorrow.
These NCDs will be redeemed on December 9, 2025. They have a coupon rate of 8.46% (repo rate plus spread of 2.21%). The first coupon payment will be done on December 9, 2023, while the remaining 2 coupon payments will be followed on the same day (December 9) in 2024 and 2025. The principal payment will also be done on December 9, 2025.