Lawstreet Journal

Baba Ramdev’s Patanjali receives grand welcome in bond market; Firm’s maiden NCD Issue subscribed towithin 3 minutes

Lawstreet Journal 30 May 2020 12:22am

Image courtesy: Lawstreet Journal Business Baba Ramdev’s Patanjali receives grand welcome in bond market; Firm’s maiden NCD Issue subscribed towithin 3 minutes

On Thursday, for the first time, Baba Ramdev-led Patanjali Ayurveda entered the bond market, hoping to raise Rs 250 crore through debentures, the issue for which was subscribed merely within 3 minutes. The thrilling response received by the Baba Ramdev firm was termed historic by the managing director of Patanjali Ayurveda, Acharya Balakrishnan. 

It was reported that Patanjali stepped foot in the bond market and other secondary markets to raise capital making use of the low borrowing costs in these markets. It was also added that the money raised from the above step would be used to meet the working capital requirements and strengthen the supply chains. 

Commenting on the response received, the company elucidated: “This is historic that our maiden issue of Rs 250 crore NCD is fully subscribed within 3 minutes of opening the issue… This shows the excitement and faith of the investors. It was also added that the debt has been rated AA by rating agency Brickwork and that the non-convertible debentures issued by the firm carry a coupon rate of 10.10% with a tenor of three years, translating to a maturity date of May 28, 2023. The firm also commented that the response received by the companies in the bond market is a reflection of the trust of billions.” 

Patanjali is one of the most trusted brands of India and has indeed made the Swadeshi movement led by Swami Ramdev a must for Strong and self-reliant India. It was reported that the NCDs would be listed on the… Continue Reading...

Tagged: Baba Ramdev  
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