Sical Logistics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 10, 2016 have approved the proposal to raise a fund of Rs. 100 crores by way of issue of Secured Non-convertible debentures on private placement basis.
Further the Company has informed that, as a part of the conditions of the issuance of NCDs, Kotak Mahindra Bank Limited, the present holders of the 12.75% secured non-convertible debentures of Rs. 100 crores issued by the Company in the year 2013 have through the IDBI Trusteeship Services Limited communicated their decision for an early redemption to fully redeem the debentures on or before August 31, 2016.
The Company shall utilize the proceeds received from out of the fresh issue for the redemption of the existing NCDs before the stipulated time.
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