Mangal Credit and Fincorp Limited has informed the Exchange regarding Board meeting held on Jun 24, 2025.
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Mangal Credit and Fincorp Limited held a board meeting on June 24, 2025, where it approved two key decisions. First, the company plans to raise up to INR 15 crore through the issuance of 1,500 secured, listed, rated, redeemable Non-Convertible Debentures (NCDs) on a private placement basis, with a face value of INR 1 lakh each. The NCDs carry an interest rate of 12.90% per annum, with monthly interest payments and principal repayment in four equal instalments over a 27-month tenure (allotment on July 3, 2025, maturity on October 3, 2027). Second, the company approved a strategic expansion plan for FY 2025-26 to open 15-18 new branches across Maharashtra, Gujarat, and Rajasthan to grow its asset base and customer reach. The NCDs will be secured by receivables at 1.25 times the outstanding principal and listed on BSE.
The INR 15 crore NCD issuance at 12.90% interest will help fund the company's branch expansion plans, indicating a growth-focused strategy targeting underserved markets in western India. For shareholders, this signals an aggressive expansion push but also means higher interest costs and increased leverage. Existing equity holders are not directly diluted since these are non-convertible debentures.