Future Consumer allots NCDs worth Rs. 150 crore to CDC Emerging Markets

The share price of Future Consumer surged by over 4 per cent on the bourses during Friday’s trading session as the company announced that it has allotted non-convertible debentures worth Rs. 150 crore. Following the company’s board meeting on February 15, the company stated that it has allotted secured non-convertible debentures (NCDs) with a face value of Rs. 10 lakh to around 1,500 seniors on private placement basis, for cash at par to CDC Emerging Markets.

The CDC Emerging Markets is a part of the CDC Group Plc, a UK-based Development Finance Institution. Future Consumer has formed an alliance with CDC Group Plc in order to raise funds worth Rs. 200 crore majorly through non-convertible debentures. The NCD will likely to be used for financing capex, long term working capital and to enable business growth of the company. The instruments have a tenure of 7 years, according to the company.

Future Consumer hit an intraday high of Rs. 63.45 per share and an intraday low of Rs. 61.50 per share on BSE on Friday. At 10:30 hours IST, the stock was trading at Rs. 61.75 per share, higher by 0.98 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 34,340.59 level, higher by 0.19 per cent and NSE Nifty 50 was trading at 10,563.10 level, higher by 0.17 per cent, respectively.

The stock had hit its 52-week high of Rs. 79.45 per share on December 27, 2017 and its 52-week low of Rs. 25.35 per share on February 16, 2017 on BSE, respectively.