Leading tyre manufacturer MRF Ltd. on Friday announced that it has raised ₹150 crore by allotting 15,000 non-convertible debentures each having a face value of ₹1 lakh on a private placement basis.
These NCDs will carry initial coupon rate of 7.80%. First coupon payment will be made by February 24, 2024 and thereafter, annually till redemption of bonds, it said in a regulatory filing.
In case of default, it would attract additional interest at the rate of 2% over the prevailing coupon rate for the defaulting period. The NCDs are redeemable at par on February 24, 2026.
