Share India Securities Limited has informed the Exchange about the updates on issuance of Non-Convertible Debentures (NCDs).
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Awaiting price reaction for this filing.
Share India Securities Limited's Finance Committee, meeting on June 4, 2025, approved updated terms for issuing Non-Convertible Debentures (NCDs) on a private placement basis. The total issue size is up to ₹100 crore, with a green shoe option of an additional ₹50 crore, taking the potential total to ₹150 crore. The NCDs will be issued in two series of up to ₹50 crore each, with a face value of ₹1 lakh per debenture and a tenure of 23 months and 19 days. Series A carries a coupon of 10.70% p.a. paid monthly and will be redeemed in quarterly instalments of 12.5% each, while Series B offers 10.75% p.a. paid quarterly with a bullet repayment at maturity. The NCDs will be secured by a first pari-passu charge on the company's current assets and receivables and will be listed on the BSE's wholesale debt market segment.
For shareholders, this is a debt raise (not equity), so there's no dilution. The ~10.7% coupon reflects the company's borrowing cost, and the secured structure on receivables signals leverage against business assets. Watch for how the proceeds are deployed and any impact on interest coverage ratios.