Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Dredging Corp of India to raise up to Rs. 500 crore through Public Issue of Tax-free Bonds of• Issue Opens on : March 07, 2013 • Issue Closes on : March 15, 2013 • Face Value of Bonds : Rs. 1,000/- each
By: Concept Public Relation The Issue opens on March 07, 2013 and closes on March 15, 2013. SBI Capital Markets Limited and A. K. Capital Services Limited are the Lead Managers to the Issue. The bonds have been rated “BWR AA+ (SO) (Outlook: Stable)” by Brickwork; “CARE AA (Double A)” by CARE. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk. The Bonds will be open for subscription for four categories of investors viz. Category I - Qualified Institutional Investors (QIBs), Category II – Domestic Corporates, Category III- High Net worth Individuals (HNIs) and Category IV - Retail Individual Investors (RIIs) The tenure of the bonds shall be 10 years and 40% of the Issue shall be earmarked for Retail Individual Investors. The Bonds offer a coupon rate of 6.97% p.a. for Allottees under Category I, II and III Portions and 7.47% p.a. for original Allottees under Category IV Portion. In case the Bonds held by the original Allottees under Category IV Portion are sold/transferred (except in case of transfer of Bonds to legal heirs in the event of death of the original Allottee), the coupon rate shall stand revised to the coupon rate applicable for Allottees falling under Category I, II and III Portions The funds raised through this Issue will be utilized for augmenting the long-term resources of the Company and for financing the capital expenditure plan of the Company for carrying out its business activities. About DCIL: DCI is a premier dredging company in India, as measured by dredging capacity in terms of Hopper Capacity/ Quantity dredged, established in 1976 as a Public Sector Undertaking (“PSU”) and declared as a Mini Ratna-Category I public sector enterprise under the administrative control of the Ministry of Shipping. The Indian dredging market consists primarily of maintenance dredging and capital dredging in addition to a limited amount of inland dredging, beach nourishment and reclamation dredging, where DCI is a very prominent player on account of their expertise in this highly technical and skilled sphere of business. DCI has a leading presence in the Indian maintenance dredging market and it also carries out limited capital dredging. DCI owns and operates 15 dredgers. In fiscal 2012, approximately 55% of its income from operations was earned from their maintenance dredging contract with Kolkata Port (Haldia). Some key customers for Fiscal 2012 include Ennore Port, Cochin Port, Cochin Navy, Mormugao Port, Visakhapatnam Port, New Mangalore Port, Karwar and Paradip Port. DCI’s operating revenue for the fiscal year ended March 31, 2012 was Rs. 491.65 crores. For further details please contact: Geeta Fadnavis: Concept PR: 9849256292 Note: Capitalized terms not defined herein shall have the same meaning as assigned to such terms in the Prospectus dated March 5, 2013 Disclaimer: Dredging Corporation of India Limited (“Company” End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|