Board approves NCD issuance of Rs 105 crores on private placement
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Board approved issuance of up to 1,050 secured, unlisted, redeemable, non-convertible debentures of Rs 10 lakh each, aggregating to Rs 105 crores, on private placement. Tranche 1 of 650 NCDs (Rs 65 crores) was allotted today, with 550 NCDs worth Rs 55 crores subscribed. Coupon is 10 percent per annum payable monthly over 36 months, plus 6 percent redemption premium compounded quarterly. NCDs are secured by company assets. Balance Tranche 1 and Tranches 2 and 3 will be allotted on further subscriptions.
Raises Rs 55 crores of secured debt funding now, boosting capital but increasing leverage. No equity dilution for shareholders.