1. The Issuance of upto 25,000 (Twenty Five Thousand) Senior, Secured, Rated, Listed, Redeemable, Transferable, INR Denominated, Non-Convertible Debentures (NCDs) having face value of Rs. ....
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On the reaction day the stock moved in line with Nifty Microcap 250 and 2.4 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Purple Finance's board has approved the issuance of up to 25,000 senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs) with a face value of Rs. 10,000 each, aggregating up to Rs. 25 crores, on a private placement basis at par in one or more tranches. The NCDs will carry a 12% per annum coupon payable monthly, have a 24-month tenure, and will be repaid in 6 installments, with a 2% additional interest in case of payment default. They will be secured by a first-ranking pari passu charge on the company's book debts and loan receivables, and are proposed to be listed on the BSE Wholesale Debt Market. Separately, the board approved the sale of part of its loan portfolio worth up to Rs. 37.93 crores via Direct Assignment under RBI guidelines on a 90:10 basis, with the company continuing to act as servicer, which management describes as income accretive.
The company is raising Rs. 25 crores of debt at a fairly high 12% coupon, which will expand its borrowing base to fund lending operations but increases interest costs. The Direct Assignment sale will help free up capital and generate immediate income, which is positive for an NBFC. For equity shareholders, there is no direct dilution since this is debt, but higher leverage and borrowing costs could modestly pressure margins.