Avantha Group Company Crompton Greaves (CG) has reportedly raised Rs 650 crore through its maiden bond sales. The AA-rated bonds offered an interest rate of 8.95 percent with a five-year maturity. The proceeds of the issue will be used for capital expansion, and refinancing its existing debt.
Axis Bank and IDFC Bank were the investment bankers to the deal. Leading mutual fund houses including UTI MF and DSP Blackrock MF have invested in these securities.
Crompton Greaves is an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution based in Mumbai.