Akme Fintrade to issue NCDs worth Rs 50 Cr via private placement
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Akme Fintrade (India) Ltd will issue listed, rated, senior, secured, redeemable Non-Convertible Debentures up to Rs 50 Crores via private placement to eligible investors. The issue is split into Series A1 (up to Rs 25 Cr) and Series A2 (up to Rs 25 Cr), both to be listed on NSE. Company will maintain a minimum security cover of 1.10x over loan receivables. Default in payment or breach of covenants triggers 2 percent additional interest per annum. Coupon rate and tenure are mentioned as per the key information document.
Company raising Rs 50 Cr through secured NCDs; adds interest cost but no equity dilution. Debt is backed by loan receivables with 1.10x cover.