Himatsingka Seide Limited has informed the Exchange regarding Outcome of Board Meeting held on May 27, 2026.
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Himatsingka Seide Limited's board has approved two NCD issuances via private placement. Series C NCDs worth Rs. 50 crore (1,000 units at Rs. 5 lakh each, unlisted) and Series 1 NCDs worth Rs. 550 crore (550 units at Rs. 1 lakh each, listed on stock exchange). An additional Green Shoe Option of up to Rs. 250 crore can be exercised for Series 1. Both series carry an 11.50% p.a. coupon payable quarterly, with a 42-month tenure. Principal repayment is structured in three equal installments at months 30, 36, and 42. Security includes pari passu charge on movable and immovable fixed assets at Hassan and Doddaballapur plants (1.75x cover), mortgage on properties, and negative lien on 4.85 acres of land in Hassan. Total potential fund raise is Rs. 850 crore.
This Rs. 600 crore (potentially Rs. 850 crore) debt issuance will increase the company's leverage significantly. The 11.50% coupon rate indicates relatively high borrowing costs, which could pressure margins. Security over plant assets means existing lenders may have pari passu claims, affecting creditor seniority. Investors should monitor debt levels and interest coverage ratios.