Allotment upto 2,000 secured, rated, listed, redeemable united states dollars denominated non-convertible bonds having face value of USD 10,000 each aggregating upto USD 20,000,000
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Satin Creditcare Network Limited has allotted 2,000 secured, rated, listed, redeemable USD-denominated non-convertible bonds with face value of USD 10,000 each, totaling USD 20 million. The bonds were issued on a private placement basis to BlueOrchard Microfinance Fund. This is a debt instrument (not equity) and will be redeemed at maturity. The company disclosed this allotment pursuant to SEBI LODR Regulations 30 & 51. This appears to be foreign currency borrowing by the microfinance company.
This USD-denominated debt issuance brings capital to Satin Creditcare but adds to the company's liabilities. The exposure to USD fluctuation risk exists. For equity shareholders, this is dilutive in the sense that debt obligations increase before any equity returns.