Varroc Engineering Board of Directors Approves Rs375cr Worth Debt Allocation Via Private Placement

Varroc Engineering Ltd informed the stock exchange of the allocation of 3,750 rated, listed, guaranteed, redeemable and non-convertible debentures with a nominal value of Rs10 lakh each totaling Rs375cr on the basis of a private placement.

The company has informed that the Finance Committee of the Board of Directors on September 17, 2021 approved the allocation of:

  • 1,250 listed non-convertible guaranteed redeemable bonds with a nominal value of Rs10 lakh each totaling Rs125cr.[“Option – I Debentures”]; and
  • 2,500 listed non-convertible collateralized debentures with a nominal value of Rs10 lakh each totaling Rs250cr [“Option – II Debentures”]; to investors identified by the Committee at its meeting on September 16, 2021.
The payment schedule is:

VEL Option I debentures: September 17, 2022 and June 17, 2023
VEL Option II debentures: September 17, 2022 and September 17, 2023

Date of grant : September 17, 2021 Redemption date: Option I debentures: June 17, 2023 Option II debentures: September 17, 2023.

At around 1:19 p.m., Varroc Engineering was trading at Rs 304.40 per coin, up Rs 1.55 or 0.51% on Sensex.


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John A. Bogar

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