MIRC Electronics Limited has informed the Exchange regarding allotment of 3000 securities pursuant to Non Convertible Securities at its meeting held on July 22, 2025
MIRCELECTR · price
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MIRC Electronics (maker of Onida brand) has allotted 3,000 secured, redeemable, unlisted non-convertible debentures (NCDs) on a private placement basis to Neo Income Plus Fund, managed by Neo Asset Management. Each debenture has a face value of Rs. 1,00,000, taking the total issue size to Rs. 30 crore. The NCDs have a 36-month tenure, maturing on July 22, 2028, with interest payable monthly on an annualised basis (rate not disclosed in this filing). A first pari passu charge has been created on the company's assets, ranking alongside the existing consortium led by State Bank of India.
The company is raising Rs. 30 crore via private debt rather than equity, which is non-dilutive for shareholders. The pari passu charge with SBI means existing secured lenders share the same priority, indicating continued leverage. Investors should watch for the interest rate disclosure to assess cost of borrowing.