Non-banking finance company UGRO Capital (NSE:UGROCAP, BOM:511742) has opened the issue of non-convertible debentures to raise up to 2 billion Indian rupees, according to a Thursday filing to the Indian stock exchanges.

The company is issuing secured, rated, listed, redeemable, non-convertible debentures of the face value of 1,000 rupees each. The base size of the issue is 1 billion rupees with an option to retain oversubscription up to 1 billion rupees.

The issue is scheduled to close on April 21 with an option of early closure.

This issue has tenure of 18 months, 24 months, 30 months, and 42 months for secured non-convertible bonds with effective yield from 10.47% to 11.01% per annum.

The debentures are proposed to be listed on the Indian stock exchanges BSE and National Stock Exchange of India.

Shares of the company were up over 1% in recent trade.