Issuance of Securities.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The board of IIRM Holdings' wholly-owned subsidiary India Insure Risk Management and Insurance Broking Services approved raising up to ₹65 crore through senior, secured, unlisted, unrated Non-Convertible Debentures (NCDs) via private placement from Kotak Credit Opportunities Fund. The NCDs have a 4-year tenure (allotment March 31, 2026 to maturity March 31, 2030), a 12% annual cash coupon payable quarterly, plus a 1% advance interest and a redemption premium, resulting in a blended IRR of 15.50% per annum. The debt is secured by charges on India Insure's assets, a corporate guarantee from IIRM Holdings, and a promoter guarantee. Separately, India Insure will issue 4,07,975 equity shares at ₹765 each (totalling about ₹31.21 crore) to four shareholders of Saferisk Insurance Brokers to acquire it as a step-down subsidiary, with a planned merger with India Insure thereafter.
IIRM Holdings is funding an expansion of its insurance broking business through both debt and equity at the subsidiary level. The 15.50% blended IRR on the NCD is expensive, and the corporate guarantee from the listed entity exposes parent-level shareholders to subsidiary obligations. The Saferisk acquisition will add a step-down subsidiary and, once merged, consolidate the insurance broking franchise under India Insure.