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Bajaj Electricals Scraps Its NCD Issue On Poor Response
Bajaj Electricals, the consumer electrical manufacturing company, in view of the poor response for its NCD issue has taken it away from shelves. As part of the offer, the company offered 1650 redeemable NCDs of Rs 10 lakh each on the NSE's Electronic Debt Bidding platform.
The scrapping of the issue highlights the tight liquidity in the bond market after IL&FS and other downgrades hit debt markets in the country.
From the issue, the company planned to raise money across different maturities with yields of between 10.9-11%. Various institutional investors who usually invested in these offers avoided such an issue due to lack of appetite for such papers with longer maturity.
So, after the IL&FS fiasco which soon percolated to other categories of mutual funds such as credit risk and hybrid mutual funds on a more recent basis, investors are being highly watchful of the timeline as to when they will get back their money from the investment.
