Board approves Rs 4 crore NCD issue at 12 percent coupon via private placement

Ncd High Yield 12pctFund Raising View source PDF

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AI summary

Salem Erode Investments board approved issuing 40,000 unlisted secured NCDs at Rs 1,000 each, totalling Rs 4 crore, via private placement. The 36-month monthly scheme offers 12 percent coupon paid monthly. Cumulative schemes of 36 and 68 months pay on maturity. NCDs are secured against current assets and gold loan receivables with 100 percent cover. Vistra ITCL is the debenture trustee.

Likely market impact

Debt raise of Rs 4 crore at 12 percent coupon. No equity dilution, but higher interest burden from NBFC gold-loan growth.