of NCD by India Insure Risk Management and Insurance Broking Services Private Limited.
Price
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IIRM Holdings' wholly-owned subsidiary India Insure Risk Management and Insurance Broking Services Pvt Ltd has allotted 6,500 secured, senior, unlisted, unrated, redeemable NCDs with a face value of INR 1 lakh each, aggregating to INR 65 Crores. The NCDs were privately placed with Kotak Credit Opportunities Fund on March 30, 2026, with a 4-year tenor maturing on March 30, 2030. The instrument carries a 1% upfront advance interest, a 12% per annum cash coupon payable quarterly, plus a redemption premium structured to deliver a blended IRR of 15.50% per annum. Principal repayment begins from the end of the 5th quarter on a quarterly schedule. The NCDs are secured by a second-ranking charge on India Insure's current and movable assets, a first charge on an interest service reserve account, a non-disposal undertaking on promoter-held shares of IIRM Holdings, and irrevocable guarantees from both the holding company (IIRM Holdings) and the promoter, Mr. Vurakaranam Ramakrishna. Kotak also gets the right to appoint a nominee director on India Insure's board if needed.
This raises debt at the subsidiary level and creates a contingent liability for IIRM Holdings via its corporate guarantee, while the promoter's shares are locked under a non-disposal undertaking. The 15.50% blended IRR is expensive borrowing, signalling either elevated credit risk or aggressive growth funding at the insurance broking arm — shareholders should monitor redemptions and interest coverage closely given the high coupon cost.