Bajaj Electricals Limited Announces Issuance of INR 1,650 Million Rated, Unsecured, Listed, Redeemable, Non-Convertible Debentures; Announces Step Down of Ashok Jalan as an Independent Director Effective 31 March 2019
March 28, 2019 at 04:06 am EDT
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Bajaj Electricals Limited announced that Board of Directors of the Company has, at its meeting held on March 28, 2019, considered and approved and took on record a proposal to raise INR 1,650 million by way of issue of 1,650 Rated, Unsecured, Listed, Redeemable, Non- Convertible Debentures (NCDs) of INR 1,000,000 each. The Shareholders of the Company at their 79th Annual General Meeting held on August 9, 2018, vide special resolution passed under sections 42 and 71 of the Companies Act, 2013, had granted their approval to the Company to borrow funds from time to time by way of securities including but not limited to secured/unsecured redeemable NCDs and/or Commercial Papers (CPs), to be issued under private placement basis, in Domestic and/or International market, in one or more series/tranches aggregating upto an amount not exceeding INR 15,000 million at such interest rate as may be appropriate considering the prevailing money market conditions at the time of borrowing but not exceeding 11.00% p.a. The said enabling approval is valid for a period of one year. The Company has, in the current financial year earlier raised funds on private placement basis amounting to INR 1,850 million by issue of 1,850 Rated, Unsecured, Listed, Redeemable, Non-Convertible Debentures (NCDs) of INR 1,000,000 each. With the propose issue the total borrowing by issue of NCD will amount to INR 3,500 million.
The company announced that Shri Ashok Jalan (DIN: 00115265) has been a Director of the Company since 18 January, 1989. He was appointed as an Independent Director on the Board of the Company for a first term of five years pursuant to the provisions of the Companies Act, 2013, which term is valid till 31 March 2019. Shri AshokJalan, has expressed his desire to step down from the directorship on the Board of the Company from the close of business hours on 31 March 2019, being pre-occupied with other activities.
Bajaj Electricals Limited is engaged in the marketing of various consumer household and industrial goods. The Company operates through two segments: Consumer Products and Lighting Solutions. The Consumer Products segment is engaged in the manufacturing and trading of consumer durables products which includes fans, domestic appliances, kitchen appliances, and non-electrical kitchen aids. The Lighting Solutions segment is engaged in the manufacturing and trading of lighting products which includes light-emitting diode (LED) products, such as lamps, bulbs, battens and ceiling lights in consumer lighting and poles, high mast, street lighting, area lighting, in professional lighting. It also provides various fans comprising ceiling, pedestal, table, wall, personal, domestic, and others. It also involved in the engineering, procurement and commissioning of power transmission and power distribution infrastructure. It operates approximately 2,00,000 retail outlets.
Bajaj Electricals Limited Announces Issuance of INR 1,650 Million Rated, Unsecured, Listed, Redeemable, Non-Convertible Debentures; Announces Step Down of Ashok Jalan as an Independent Director Effective 31 March 2019