IndoStar Capital Finance Limited has informed the Exchange regarding allotment of 60000 Non Convertible Debentures
INDOSTAR · price
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On the reaction day the stock moved 2.6 pts less than Nifty Microcap 250 and 2.5 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IndoStar Capital Finance has allotted 60,000 senior, secured, redeemable, listed, taxable Non-Convertible Debentures (NCDs) on a private placement basis, aggregating to INR 600 crore. The NCDs carry a face value of INR 1,00,000 each and are split into three series (XXXI, XXXII, XXXIII), each carrying a 9.25% annual coupon. Tenors range from about 18 months to 21 months, with maturity dates falling in November 2027 and January 2028. The issue is secured by a first pari-passu charge on the company's receivables and treasury assets and is proposed to be listed on NSE's negotiated trade reporting platform.
This is a routine debt-raising exercise that expands IndoStar's borrowing base by INR 600 crore to fund lending operations. For shareholders, it means modest earnings dilution risk from higher interest costs (9.25% coupon), but no equity dilution since these are non-convertible instruments.