Considered and approved issue of 10500 (Ten Thousand Five Hundred Only) Unlisted Secured Redeemable Non-Convertible Debentures of face value of Rs. 1000/- (Rupees One Thousand Only) each ....
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The Board of Salem Erode Investments approved the issuance of 10,500 Unlisted Secured Redeemable Non-Convertible Debentures (NCDs) with a face value of Rs. 1,000 each, aggregating to Rs. 1.05 Crore, on a private placement basis in one or more tranches. The NCDs will be issued at par and are unlisted, with tenures of 36 months and 68 months. The monthly interest scheme for 36 months offers a coupon rate of 12% per annum, paid monthly, while cumulative schemes pay principal plus interest at maturity (68-month scheme doubles the investment). The NCDs are secured against current assets, loans and advances, and gold loan receivables with 100% security cover, with Vistra ITCL acting as Debenture Trustee.
This is a small debt raise of Rs. 1.05 Crore via high-yield (12%) unlisted NCDs, primarily relevant to private placement investors rather than public shareholders. The high coupon rate and gold-loan-backed security suggest the company caters to yield-seeking lenders; existing equity shareholders are not directly affected as there is no dilution or listed security involvement.