Outcome of Working Committee Meeting held on March 20, 2026 for issuance of Non Convertible Debentures
SATIN · price
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Satin Creditcare's Working Committee approved the issuance of subordinated, unsecured, listed, rated, taxable, redeemable NCDs on a private placement basis. The base issue is 5,000 NCDs of ₹1 lakh each, totaling ₹50 crore, with an additional green shoe option of up to 2,500 NCDs (₹25 crore), making the potential total size ₹75 crore. The NCDs carry a coupon of 12% per annum, payable monthly, with a 66-month (5.5 year) tenor, maturing on September 30, 2031, and will be listed on BSE. The instruments are subordinated debt, which typically qualifies as Tier II capital for NBFCs, supporting regulatory capital adequacy.
No equity dilution since this is a debt instrument, but it adds ₹50–75 crore of borrowing at a relatively high 12% cost, increasing interest expenses. For shareholders, this strengthens the company's Tier II capital base, supporting lending growth, but the high coupon rate reflects elevated borrowing costs in the current rate environment.