Mangal Credit and Fincorp Limited has informed the Exchange regarding Outcome of Board Meeting held on March 05, 2026.
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The Board of Directors of Mangal Credit and Fincorp, held on March 5, 2026, approved raising funds up to ₹30 Crore by issuing up to 3,000 secured, listed, rated, transferable, redeemable Non-Convertible Debentures (NCDs) on a private placement basis. Each NCD has a face value of ₹1,00,000, carries an interest rate of 11.75% per annum paid monthly, and the principal will be repaid as a bullet payment on maturity. The tenor is 30 months, with a deemed allotment date of March 18, 2026 and maturity on September 18, 2028. The NCDs will be listed on BSE and are secured by a first-ranking exclusive charge over certain identified receivables of the company, with a minimum security cover of 1.20 times the outstanding amount.
This is a debt-raising move, so there is no equity dilution for existing shareholders. The 11.75% interest rate is a relatively high borrowing cost, and the company will take on an additional ₹30 Crore of liability to be repaid by September 2028. For an NBFC like Mangal Credit, this is a routine fund-raising activity to support lending operations, but investors should monitor the company's debt levels and asset quality going forward.