Revised outcome
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Anupam Finserv Ltd has revised the outcome of its December 26, 2025 board meeting to include a Greenshoe option of up to Rs. 3 Crores that was originally missed. The company is issuing Secured, Unlisted, Unrated, Redeemable Non-Convertible Debentures (NCDs) with a total issue size of up to Rs. 10 Crores across one or more tranches. The first tranche is Rs. 3 Crores plus the Rs. 3 Crore Greenshoe, taking the first tranche to a potential Rs. 6 Crores. Each NCD has a face value of Rs. 1 lakh, a 24-month tenure, and offers a fixed 12% annual coupon paid quarterly. The NCDs are secured by a first and exclusive charge on the company's receivables and will be redeemed in three stages: 30% at 13 months, 30% at 19 months, and the remaining 40% at maturity.
The company is raising debt at an attractive 12% rate backed by receivables, which dilutes equity holders but may pressure future margins. For shareholders, this signals active capital raising, though the secured status and structured redemption reduce some default risk.