ICICI Lombard General Insurance fixes July 12 as record date for redemption of NCDs worth Rs485cr; Stock up over 1%

ICICI Lombard General Insurance Company Limited will exercise Call Option for the redemption of 8.25% unsecured, subordinated, fully paid-up, listed, redeemable, and Non-Convertible Debentures (NCDs) of the company by payment of Principal amount together with final interest due on July 28, 2021, and to fixed Record Date of July 12 for the same.

The company had issued 4,850 NCDs of face value of Rs10, lakhs each (the Debentures), at par, aggregating to Rs485cr on private placement basis constituting the subordinated debt of the Company on July 28, 2016 (date of allotment).

“In terms of the Information Memorandum for the aforesaid Debentures, the Company has an option to exercise Call Option at the end of five years from the date of allotment. Accordingly, the company would like to exercise Call Option and redeem the Debentures in full on July 28, 2021 along with final interest due, post receipt of the necessary regulatory/statutory approvals.

The company has filed necessary application seeking approval of Insurance Regulatory and Development Authority of India (IRDAI) for exercising Call Option on the subordinated Debt issued by the Company, pursuant to IRDAI (Other Forms of Capital) Regulations, 2015 and the approval of IRDAI is expected shortly,” company said in a filing on Wednesday.

At around 12.17 PM, ICICI Lombard General Insurance Company was trading at Rs1,588.85 per piece up by Rs21.5 or 1.37% from its previous closing of Rs1,567.35 per piece on the BSE.