Revised outcome of Board Meeting held on 24.12.2025
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On December 24, 2025, the Board of Shraddha Prime Projects Ltd reaffirmed its earlier approval to raise up to Rs. 63 crores by issuing 6,300 Secured, Unlisted, Redeemable, Non-Cumulative, Non-Convertible Debentures (NCDs) of face value Rs. 1,00,000 each on a private placement basis to non-promoter investors. At the same meeting, the Board approved the allotment of 5,800 such NCDs, aggregating Rs. 58 crores, to identified investors in cash. The NCDs carry a coupon of 20.04% per annum (paid monthly) with a redemption premium of 1.3 times the subscription amount or 22% pre-tax IRR, whichever is higher. The tenor is 36 months from the date of allotment or until 31st March 2029, whichever is earlier, and the instruments will be secured by way of mortgage, hypothecation, or pledge of company assets in favour of the debenture trustee. The NCDs will not be listed on any stock exchange.
The company is raising Rs. 58 crore of debt at a very high coupon of 20%+, indicating either strong funding needs or a higher-risk credit profile. Existing equity shareholders should note that this adds significant interest obligations, and the pledging of assets as security suggests lenders required collateral, which may dilute future cash flows available to shareholders.