Bajaj Auto Credit Ltd., a wholly owned subsidiary of Bajaj Auto Ltd., approved on Thursday a fresh issuance of non-convertible debentures of up to Rs 5,000 crore.
In a meeting, the board of directors also enhanced the limit of commercial papers of up to Rs 3,000 crore. The auto major has approved the subordinated debt issuance limit of up to Rs 750 crore, according to an exchange filing.
An NCD is a fixed-income instrument that provides structured returns to investors. As NCDs are unsecured and not backed by assets, the market participants evaluate the issuing company's creditworthy and debt-servicing capacity before allotment.
A meeting of the board is scheduled to be held on Aug. 6 to consider the unaudited financial results of the company for the quarter ended June 30.
Shares of Bajaj Auto closed 0.31% higher at Rs 8,328.05 apiece on the BSE, compared to a 0.45% decline in the benchmark Sensex.
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