The outcome of the meeting of the Board of Directors held on Tuesday, on 17th June, 2025. The meeting commenced at 10:00 a.m. and concluded at 11.30 a.m.
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The board of Supra Pacific Financial Services held a meeting on 17th June 2025 and noted the resignation of one Independent Director, Mr. Tomin Joseph Thachankary, effective 10 June 2025. The board approved the allotment of secured, unlisted, non-convertible debentures (NCDs) worth Rs. 4 crore via private placement, with a 13-month tenure, 11.50% coupon, and deemed allotment date of 17 June 2025 maturing on 17 July 2026. Additionally, it approved a further NCD issuance of up to Rs. 10 crore under the same category. The NCDs are secured by a first-ranking pari passu charge on the company's receivables and are not proposed to be listed on any stock exchange. The board also reviewed the company's business operations and prospects.
The company is raising up to Rs. 14 crore (combined NCD tranches) through private debt, which will increase leverage but provide short-term funding at a fixed 11.50% cost. The independent director exit is a minor governance change with limited impact on existing shareholders since NCDs are unlisted and privately placed.