Hinduja group firm Cyqure India has raised ₹3,000 crore via zero coupon non-convertible debentures (NCDs) at 14.5 per cent yield on Monday to partly fund the acquisition of Reliance Capital (RCap), data from the BSE showed.
The bond issue opened on Monday and was fully subscribed.
The allotment date for NCDs is September 17, while the maturity date is scheduled on March 17, 2028. The NCDs are rated BBB-Stable by CareEdge Ratings. Recently, IndusInd International Holdings (IIHL) brought its equity component of ₹2,750 crore for the acquisition, which has been deposited in escrow account of lenders.
The Reserve Bank of India, in November 2021, had superseded the board of RCap because of governance issues and payment defaults. The administrator has admitted ₹25,345 crore of claims from lenders, LIC, EPFO and other superannuation funds.