Akme Fintrade allots 30 crore NCDs at 11.5% coupon
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Akme Fintrade board allotted 30,000 secured NCDs of Rs 10,000 each, aggregating Rs 30 crore, via private placement to eligible investors. Coupon is 11.50 percent per annum with monthly interest payments and principal on maturity. Tenure is 36 months, maturing January 19, 2029. The NCDs are backed by 1.10x security cover over loan receivables and will be listed on NSE. Board also approved a Postal Ballot notice and appointed a scrutinizer.
Company raises Rs 30 crore debt at 11.5 percent cost. Signals growth capital deployment but adds to interest expense for the NBFC.