Baba Ramdev-led Patanjali Ayurved's Rs 250 cr NCD issue fully subscribed within minutes of opening
Baba Ramdev-led Patanjali Ayurved's Rs 250 crore debentures issue got fully subscribed within three minutes of opening on Thursday
New Delhi: Baba Ramdev-led Patanjali Ayurved's Rs 250 crore debentures issue got fully subscribed within three minutes of opening on Thursday.
"This is historic that our maiden issue of Rs 250 crore NCD is fully subscribed within 3 minutes of opening of the issue... This shows the excitement and faith of investors,” said Patanjali Ayurved Managing Director Acharya Balkrishna.
The Haridwar-based firm will use this fund for the working capital requirement and strengthening of its supply chain network.
"This is a reflection of trust of billions, which has made Patanjali the most trusted brand of India and has made Swadeshi Movement led by Swami Ramdev a must for Strong and self-reliant India," Balkrishna added.
This is the first-ever bond issue by Patanjali Ayurveda, which has become one of the leading companies in the FMCG segment in recent years.
Patanjali's non-convertible debentures (NCDs) carry a coupon rate of 10.10 percent with a tenure of three years. The maturity date is 28 May, 2023.
The NCDs would be listed on the stock exchanges and are redeemable.
The debenture has been rated as AA by Brickwork.
Several companies are raising money from the market through dentures as they are facing a liquidity crunch. Companies need funds to resume their production capacity and refill and augment their supply pipelines.
In December last year, Patanjali had completed the acquisition of bankrupt Ruchi Soya for Rs 4,350 crore, maker of soya food brand Nutrela through an insolvency process.
The IMA, in its appeal, said that the government should promote universal free vaccination to all above 18 years of age
The yoga guru had earlier stirred a controversy with his comments on the efficacy of allopathic drugs against COVID-19, drawing the ire of the medical fraternity