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FINWIRES

Poonawalla Fincorp Gets Board Nod to Issue Up To INR2.5 Billion Through Debenture Allotment

-- Poonawalla Fincorp (NSE:POONAWALLA, BOM:524000) has received board approval to raise up to 2.50 billion Indian rupees through the issue of non-convertible debentures on a private placement basis, according to a filing to the Indian stock exchanges on Tuesday.

The company plans to issue 25,000 unsecured, redeemable, rated, listed, subordinated non-convertible debentures, constituting capital of face value of 100,000 rupees each. It will have a base issue of 1.50 billion rupees and a green shoe option to retain oversubscription up to 1 billion rupees.

The debentures are proposed to be listed on the BSE.

The company's shares were up over 1% in recent trade.

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