MIRC Electronics Limited has informed the Exchange regarding allotment of 3000 securities pursuant to Non Convertible Securities at its meeting held on July 08, 2025
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MIRC Electronics (the Onida brand company) has allotted 3,000 fully paid, unlisted, senior, secured, redeemable non-convertible debentures (NCDs) of Rs. 1,00,000 each, aggregating to Rs. 30 crore, on a private placement basis. The NCDs were allotted to Neo Income Plus Fund (through Neo Asset Management) and have a 36-month tenure, maturing on July 8, 2028. Interest is payable monthly on an annualised basis, with a first pari passu charge on the company's assets (ranking alongside the existing SBI-led consortium charge). The NCDs will not be listed on any stock exchange. The specific coupon/interest rate is not disclosed in this filing and is governed by the debenture trust deed dated July 7, 2025.
The company has raised Rs. 30 crore via secured debt rather than equity, which avoids dilution for existing shareholders but adds to the company's debt obligations over 3 years. The fact that the debentures rank pari passu with existing SBI consortium lenders means existing lenders' position is unaffected. For shareholders, this signals the company is tapping debt markets to fund its needs, with the interest cost depending on the undisclosed coupon rate.