UGRO Capital shares rally nearly 4% as board approves NCD award worth Rs50 crore

Shares of UGRO Capital Limited rallied in the market during Wednesday’s late morning session after the announcement of the allocation of non-convertible market-linked debentures.

According to the filing, the committee on Tuesday, August 23, 2022, among other things, allocated 500 (five hundred) Senior, Secured, Rated, Listed, Redeemable, Market-Linked Taxable Principal Protected (PP-MLD) Non-Convertible Debentures of ‘a face value of Rs 10,000,000 (Indian Rupees ten lakh only) each, by private placement.

The issue size is Rs50 crore and the term of the securities awarded is 17 months from the date of allotment. Payment of accrued interest and principal will be made at maturity, i.e. January 23, 2024.

“The issue will be secured by means of a first ranking exclusive and continuing charge to be created under the deed of mortgage to be executed between the issuer and the trustee of the debentures,” the company said.

“In case of breach of the covenants, the issuer would be required to pay penalty interest of 2% per annum on the respective coupon rate,” he added.

At around 11:01 a.m., UGRO Capital was trading at 186.92 rupees per share, up 6.70 rupees or 3.72% on BSE. Previously, the certificate ended at Rs180.20 per share.

Sallie R. Loera