MIRC Electronics Limited has informed the Exchange regarding Board meeting held on July 02, 2025.
MIRCELECTR · price
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MIRC Electronics (known for the Onida brand) held a board meeting on July 2, 2025, where directors approved the issuance of unlisted, redeemable, secured Non-Convertible Debentures (NCDs) of up to Rs. 60 crore on a private placement basis. The NCDs will be issued in one or more tranches to funds managed by Neo Asset Management Private Limited, with a tenure of 36 months and monthly interest payments. The NCDs will be secured by a first pari passu charge on the company's assets, on the same basis as the existing charge held by the SBI-led consortium of lenders. The board also reconstituted the Finance Committee to handle the issuance.
The Rs. 60 crore raise via private NCDs will increase the company's debt burden but provides growth capital without diluting shareholders (since the NCDs are not equity-linked and unlisted). Monthly interest payments and a first pari passu charge on assets mean slightly higher fixed costs and a stronger claim for the new lender alongside SBI, which existing shareholders should monitor.