Elecon Engineering Company Limited announced that management committee of the board of directors of the company approved the resolution for allotment on March 1, 2019, by way of circular resolution. The committee approved the allotment of 1,000 senior, secured, rated, listed, redeemable non-convertible debentures of the face value of INR 1000,000 each aggregating to INR 1,000 million on a private placement basis. Terms and conditions includes Issue size for series- I is INR 100 million issued and allotted at par and for Series II is INR 900 million issued and allotted at discount. Coupon rate for series I and series II is 12.25% per annum.