Working Committee Meeting for issuance of Non-Convertible Debentures
SATIN · price
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Satin Creditcare Network Limited's Working Committee has approved the issuance of up to 8,446 subordinated, unsecured, rated, listed Non-Convertible Debentures (NCDs) on a private placement basis. The NCDs have a face value of INR 1 lakh each, totaling up to INR 84.46 crore. The debentures carry an interest rate of 12.80% per annum, payable semi-annually. The tenure is 84 months (7 years), with allotment on May 26, 2026 and maturity on May 26, 2033. Redemption will be in two installments: approximately 99.99% of principal on May 26, 2031, and the remaining amount on the final redemption date. The NCDs will be listed on BSE Limited.
The 12.80% coupon rate is relatively high for listed NCDs, suggesting the company is paying a premium to attract investors for its microfinance lending operations. This debt issuance will increase the company's borrowing costs and leverage, which investors should monitor.