Magnum Ventures allots Rs 50 Cr NCDs at 18% to Neo Asset Management fund
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Magnum Ventures has allotted 5,000 secured, rated, redeemable NCDs of face value Rs 1 lakh each, aggregating Rs 50 crore, on private placement to Neo Special Credit Opportunities Fund (managed by Neo Asset Management). The NCDs carry an 18% annual coupon, paid monthly, with a 4-year 9-month tenure maturing 31 March 2031. Proceeds will fund working capital. The issue is secured by pari passu charges on paper division assets, personal guarantees from promoters, and a pledge of 83.24 lakh equity shares held by Mr. Parv Jain.
Rs 50 Cr debt at steep 18% coupon raises interest costs. Promoter share pledge of 83L shares signals leverage. Watch for working capital use and debt servicing.