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Kalpataru Power on Thursday received board of directors approval for fundraising of 99 crore through the issuance of non-convertible debentures (NCDs). The issue will be on private placement. On exchanges, Kalpataru Power shares rallied as investors turned upbeat.

At around 2.23 pm, Kalpataru Power shares traded at 515.10 apiece up by 2.15%. The stock was near its intraday high of 517.95 apiece. Its market cap is around 7,682 crore. Currently, Kalpataru is only a couple of rupees away from hitting a 52-week high of 532.75 apiece on BSE.

On the previous day, Kalpataru Power shares were at 504.25 apiece.

In its regulatory filing, Kalpataru Power said, "the Executive Committee of the Board of Directors of the Company at its meeting held today has approved the issuance of Listed, Rated, Unsecured, Redeemable, Taxable, Non-Convertible Debentures of 99 crore on private placement basis."

The NCDs have a face value of 10 lakh each. The issue will be listed on the Wholesale Debt Market and BSE. The date of allotment of debentures is set on December 9, 2022, which is tomorrow.

While these NCDs will be redeemed on December 9, 2025.

Further, the NCDs have a coupon rate of 8.46% (repo rate plus spread of 2.21%). The first coupon payment will be on December 9, 2023, while the remaining 2 coupon payments will be followed on the same day (December 9) in 2024 and 2025. The principal payment will also be done on December 9, 2025.

In the first half of FY23, Kalpataru Power posted a net profit of 175 crore up by 55% yoy, however, revenue declined by 4% yoy to 3,071 crore. EBITDA came in at 255 crore, while the EBITDA margin stood at 8.3%. As of September 30, 2022, the company's order book stood at 18,856 crore (including LMG and Fasttel). In the first half, the company received new orders worth 6,889 crore.

Kalpataru Power is a leading EPC company with capabilities in power transmission & distribution, oil & gas pipeline, railways, and civil infrastructure business.

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