Anand Rathi Share and Stock Brokers Limited has informed the Exchange under Regulation 30 of the Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations, 2015 - for Allotment of Secured,Unlisted and Redeemable Non-Convertible Debentures
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Anand Rathi Share and Stock Brokers has allotted 495 secured, unlisted, redeemable NCDs with a face value of Rs. 1,00,000 each, raising Rs. 4.95 crore in total through a private placement to identified investors. The debentures carry a coupon rate of 9% per annum, payable quarterly, with a 3-year tenure maturing on March 29, 2029. The issue is secured by a first-ranking charge on the company's present and future book debts and receivables. In case of default in interest or principal payment, an additional 2% per annum over the coupon will be charged. The NCDs are not proposed to be listed on any stock exchange.
This is a relatively small debt raise of Rs. 4.95 crore at 9% coupon, which is a modest borrowing for working capital purposes. The dilution-free nature (debt, not equity) means no impact on shareholder equity, but the company will bear additional interest obligations over the next 3 years.