Mangalam Organics Limited has informed the Exchange regarding Board meeting held on August 18, 2025.
MANORG · price
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Mangalam Organics Limited's Board of Directors, at a meeting held on August 18, 2025, approved the issuance of Secured, Unlisted, Unrated, Senior Non-Convertible Debentures (NCDs) aggregating up to INR 60 crores through private placement. The NCDs will carry a total yield of 12.50% per annum (10% cash coupon plus 2.50% redemption premium), with monthly interest payments and a 36-month tenure. Principal repayment begins after a 15-month moratorium in equal monthly instalments, with PUT/CALL options exercisable from month 18 onwards. The NCDs will be secured by a first pari-passu charge on the company's fixed assets (land, building, plant and machinery) along with Saraswat Bank, and personal guarantees from promoters Mr. Kamalkumar Dujodwala and Mr. Pannkaj Dujodwala.
The company is raising INR 60 crores of debt capital through private placement, which will be added to its existing loan book alongside Saraswat Bank on a pari-passu basis. Shareholders should note the higher interest cost (12.50% effective yield) and personal guarantees from promoters, which suggest the promoters are standing behind this borrowing. The dilution impact on equity shareholders is nil since these are non-convertible debentures and will remain unlisted.