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

Chennai:  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.