In a statement issued here, the company said the NCD's will be listed in NSE.
The 10-year NCD has a coupon rate of 8.75 per cent. The NCD has a call option after five years.
"We have augmented our capital base by issuing subordinated debt, post the recent measures announced by the Insurance Regulatory and Development Authority of India (IRDAI), allowing alternative forms of capital," Managing Director and CEO S.S. Gopalarathnam said in the statement.
According to him, the funds raised through this issue would be used to fuel and facilitate business growth by further strengthening the company's solvency.
The company is targeting a gross written premium of Rs 4,500 crore this fiscal, a growth of 40 per cent over its 2016 figure.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.