Board approves 100 crore NCD issuance via private placement

Fund Raising View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.5%+1.0% vs market

Other Textile Products peers, median of 177sector+0.0%+1.5% vs sector

On the reaction day the stock moved 1.0 pts more than Nifty Microcap 250 and 1.5 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

The Board approved issuing 1000 Series B unlisted, secured, redeemable non-convertible debentures at 10 lakh rupees each, totaling 100 crores, via private placement. The NCDs carry an 11 percent coupon paid quarterly with a tenure of up to 39 months, including a 12 month moratorium followed by 10 quarterly instalments. The issue is secured by a first pari passu charge on fixed assets at the Hassan and Doddaballapur plants.

Likely market impact

Raises 100 crore of new debt at 11 percent, secured against manufacturing assets. No equity dilution, but adds to interest burden.