Outcome of Board meeting

Ncd High Yield 12pctFund Raising View source PDF

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AI summary

Richfield Financial Services Ltd's Board approved the issuance of 1,50,000 Secured Redeemable Series V Non-Convertible Debentures (NCDs) at Rs. 1,000 each, raising Rs. 15 crore via private placement. The NCDs are unlisted and secured via hypothecation/pledge over assets. Six options are offered with tenures ranging from 400 days to 68 months. Coupon rates range from 11.25% to 12.00% per annum, with monthly interest payment options and cumulative options. Allotment is targeted for May 20, 2026.

Likely market impact

The company is raising Rs. 15 crore through NCDs with rates up to 12%, which is a relatively high borrowing cost and suggests the firm may face limited access to cheaper capital, implying some credit risk. The use of private placement keeps the securities unlisted.