Mangal Credit and Fincorp Limited has informed the Exchange about Allotment of 1,000 Non-Convertible Debentures on Private Placement Basis.
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Mangal Credit and Fincorp Limited has allotted 1,000 fully paid, senior, secured, rated, listed, redeemable, taxable non-convertible debentures (NCDs) on a private placement basis. Each NCD has a face value of INR 1,00,000, aggregating to a total issue size of INR 10 crore. The NCDs carry a coupon rate of 11.75% per annum with monthly interest payments. The tenor is 21 months, with allotment on May 20, 2026 and maturity on February 20, 2028. The NCDs are secured by a first-ranking charge on identified receivables at 1.20 times (120%) of the principal outstanding. The company received in-principal listing approval from BSE Limited dated May 18, 2026.
The company is raising INR 10 crore through high-cost debt at 11.75% p.a., which is a relatively high interest rate indicating either elevated credit risk or strong fund-raising need. Monthly interest payments will create recurring cash outflows for the next 21 months. Shareholders should monitor the company's ability to service this debt given the high coupon rate.