Mangal Credit and Fincorp Limited has informed the Exchange about Allotment of 3,000 Non Convertible Debentures on Private Placement basis.
MANCREDIT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mangal Credit and Fincorp has allotted 3,000 secured, listed, rated, redeemable, non-convertible debentures (NCDs) on a private placement basis, raising ₹30 crore in total. Each NCD has a face value of ₹1,00,000 but was issued at a price of ₹98,000, i.e., at a ₹2,000 discount per debenture. The NCDs carry a coupon of 11.75% per annum, paid monthly, and have a 30-month tenure maturing on September 23, 2028. The issue is secured by a first-ranking exclusive charge on identified receivables maintained at 1.20x the outstanding principal amount, and will be listed on BSE.
The ₹30 crore raise will strengthen the company's funding base for lending operations, but the 11.75% interest rate reflects a relatively high borrowing cost, which will increase interest expenses. Successful private placement indicates investor appetite for the company's credit, though existing equity shareholders are not directly affected as this is a debt instrument.