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Varroc Engineering Limited — Capital/Financing Update 2021
Sep 17, 2021
61938_rns_2021-09-17_dce1f71c-f5ac-4559-aa0b-69780977f09f.pdf
Capital/Financing Update
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Varroc Engineering Ltd.
Regd. & Corp. Office
L‐4, MIDC, Industrial Area Tel + 91 240 6653700 email : [email protected] Waluj, Aurangabad 431 Fax + 91 240 2564540 www.varroc.com 136, Maharashtra, India CIN: L28920MH1988PLC047335
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VARROC/SE/INT/2021-22/34
September 17, 2021
To,
The Manager- Listing The Manager – Listing The Listing Department, The Corporate Relation National Stock Exchange of India Department, Limited Bombay Stock Exchange Limited Exchange Plaza, Plot No. C/1, G Phiroze Jeejeebhoy Towers, Block, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai-400051. Mumbai-400001. NSE Symbol: VARROC BSE Security Code: 541578
Sub: Allotment of 3,750 rated, listed, secured, redeemable, non-convertible debentures of a face value of INR 10,00,000 (Indian Rupees Ten Lakhs Only) each aggregating to INR 375 crores on a private placement basis (“Issue”) by Varroc Engineering Limited (“Issuer”).
Dear Sir/Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Finance Committee of the Board of Directors of the Issuer (“ Committee ”) at its meeting held today i.e. September 17, 2021 approved the allotment of: (i)1,250 rated listed secured redeemable non-convertible debentures of the face value of Rs. 10,00,000 (Rupees Ten Lakhs) each aggregating to Rs. 125,00,00,000/- (Rupees One Hundred and Twenty-Five Crores) [“ Option - I Debentures ”]; and (ii) 2,500 rated listed secured redeemable non-convertible debentures of the face value of Rs. 10,00,000 (Rupees Ten Lakhs) each aggregating to Rs. 250,00,00,000/- (Rupees Two Hundred and Fifty Crores) [“ Option - II Debentures ”]; to the investors identified by the Committee at its meeting held on September 16, 2021.
The required details in relation to the Issue are provided below:
| Particulars | Terms |
|---|---|
| Issuer | Varroc Engineering Limited |
| Listing | Proposed to be listed on the wholesale debt segment of BSE |
| Instrument | Rated, listed, secured, redeemable, non-convertible debentures bearing a face value of₹10,00,000/- (RupeesTen LakhOnly) each |
| Size of the Issue | (i)1,250 rated listed secured redeemable non- convertible debentures of the face value of Rs. 10,00,000 (Rupees Ten Lakhs) each aggregating to Rs. 125,00,00,000/- (Rupees One Hundred and Twenty-Five Crores) [“Option - I Debentures”]; and |
Varroc Engineering Ltd. Regd. & Corp. Office
L‐4, MIDC, Industrial Area Tel + 91 240 6653700 email : [email protected] Waluj, Aurangabad 431 Fax + 91 240 2564540 www.varroc.com 136, Maharashtra, India CIN: L28920MH1988PLC047335
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| Maharashtra, India | CIN: L28920MH1988PLC047335 |
|---|---|
| (ii) 2,500 rated listed secured redeemable non- convertible debentures of the face value of Rs. 10,00,000 (Rupees Ten Lakhs) each aggregating to Rs. 250,00,00,000/- (Rupees Two Hundred and Fifty Crores) [“Option - II Debentures”] |
|
| Tenor | Option I Debentures: 21 Months Option II Debentures: 24 Months |
| Coupon offered | Option I Debentures: 8% (Fixed) Option II Debentures: 8% (Fixed) |
| CreditRating | ICRA A+(Stable) |
| Schedule of payment of coupon/interest and principal |
VEL Option I Debentures: September 17, 2022 and June 17, 2023 VEL Option II Debentures: September 17, 2022 and September 17, 2023 |
| Date of allotment and date of redemption |
Allotment date: September 17, 2021 Redemption date: Option I Debentures: June 17, 2023 Option II Debentures: September 17, 2023 |
| Charge/ Security, if any created over the assets |
Exclusive charge over specified movable fixed assets with minimum cover of 1.10x by way of hypothecation as specified under the deed of hypothecation. |
| Special right/interest/privileges attached to the instrument and changes thereof |
NA |
| Delay in payment of interest / principal amount for a period of more than three months from the due date or default in payment of interest / principal |
NA |
| Details of any letter or comments regarding payment/non-payment of interest, principal on due dates, or any other matter concerning the security and /or the assets along with its comments thereon,ifany |
NA |
| Details of redemption of debentures |
At par |
| Use of proceeds | Raising of funds for refinancing existing debts of overseas subsidiaries of the Issuer and for general corporate purposes |
Varroc Engineering Ltd.
Regd. & Corp. Office
L‐4, MIDC, Industrial Area Tel + 91 240 6653700 email : [email protected] Waluj, Aurangabad 431 Fax + 91 240 2564540 www.varroc.com 136, Maharashtra, India CIN: L28920MH1988PLC047335
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We request you to take on record and the same be treated as compliance under the applicable clauses(s) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The meeting commenced at 12:00 noon and concluded at 12:30 p.m.
Thanking you, Yours Faithfully, For Varroc Engineering Limited
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Ajay Sharma Group General Counsel and Company Secretary