Kalpataru Projects International To Prepay NCDs For Rs 50 Crore

Kalpataru Projects International Ltd.'s board of directors will hold a meeting on Dec. 24 to consider the prepayment of non-convertible debentures issued by the firm on a private placement basis prior to their maturity, according to an exchange filing from the firm.

The NCDs, along with interest, are to be prepaid on 10th Jan. 2025. The company has 500 outstanding NCDs to be repaid for Rs 50 crore.

"In compliance with Regulation 15(7) of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”), the Prepayment Notice as sent to the Debenture Trustee and the holder of the NCDs, intimating the Company’s intent to prepay the said NCDs, is enclosed herewith as an Annexure A," the filing said.

The firm has also raised Rs 1,000 crore through qualified institutions placement. The company had issued 83.26 lakh equity shares at Rs 1,201 apiece.

The paid-up equity share capital of the company increased from Rs 32 crore to Rs 34 crore, pursuant to the allotment of equity shares in the issue.The QIP Committee approved the allotment of 83 lakh equity shares to eligible qualified institutional buyers at an issue price of Rs 1,201 per share, totalling Rs 999 crore.

The share price of Kalpataru Projects International Ltd. closed 1.13% lower at Rs 1,299 apiece on the NSE, compared to a 1.02% decrease in the benchmark Nifty 50.

The stock has risen 83.23% on a year-to-date basis and 94.40% over the past 12 months.

The stock rose and fell as much as 3.60% to trade at Rs 1,267 apiece intraday.

Out of the 16 analysts tracking the company, 14 have a 'buy' rating on the stock and two suggest a 'hold,' according to Bloomberg data.

The average of 12-month analysts' consensus price targets implies a potential upside of 11.6%.