Regency Fincorp allots 60 Crore secured NCDs at 13 percent
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On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.4 pts more than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Regency Fincorp has allotted 60,000 secured, rated, redeemable NCDs of face value Rs 10,000 each, totaling Rs 60 crore (out of Rs 75 crore issue size), via private placement at 13 percent coupon. Allottees include Motilal Oswal Financial Services. Tenor is 30 months maturing March 2029, with principal repayment in three tranches at 18, 24 and 30 months. Secured with 1.35 times asset cover on loan receivables.
Raises Rs 60 crore growth capital for lending, but at a steep 13 percent borrowing cost that will raise interest expenses and pressure margins.