Baba Ramdev's Patanjali Ayurved Raises Rs 175 Crore By NCDs

Of the Rs 175 crore issue, Rs 60 crore was subscribed by IDBI Bank, Rs 90 crore by Punjab National Bank (PNB), and the remaining Rs 25 crore by Uco Bank.

(File Photo/ Getty)

Mumbai: Baba Ramdev-led Patanjali Ayurved has raised Rs 175 crore by issuing non-convertible debentures (NCDs), the Haridwar-based firm said on Tuesday.

The funds would be used for expansion and working capital, said a company spokesperson adding the issue got fully subscribed within four minutes of opening on Tuesday morning.

Of the Rs 175 crore issue, Rs 60 crore was subscribed by IDBI Bank, Rs 90 crore by Punjab National Bank (PNB), and the remaining Rs 25 crore by Uco Bank.

The NCDs carry a coupon rate of 9.25 % with a three-year tenure and would mature on May 18, 2024.  

This is the second debenture issuance by the company, as last year, on May 29, Patanjali Ayurved had raised Rs 250 crore to fund its working capital requirement and strengthen its supply chain network.

Amidst the pandemic, the company reported a 14% growth in revenues to Rs 26,400 crore during fiscal 2021. Patanjali's EBITDA during the fiscal went up by 35% to Rs 2100 crore.