Intimation of allotment of non- convertible foreign currency bonds
UGROCAP · price
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Ugro Capital has allotted up to 2,000 senior, secured, rated, listed, redeemable US dollar-denominated non-convertible bonds, each with a face value of USD 10,000, aggregating up to USD 20 million. The bonds have a 48-month tenure maturing on 27th March 2030 and carry a floating interest rate of Term SOFR plus 300 basis points, payable semi-annually. Redemption is structured as 25% at month 36, 25% at month 42, and the remaining 50% at final maturity. The bonds are secured by a first-ranking exclusive charge over identified book debts with a minimum 110% security cover and will be listed on the India International Exchange (INX) in GIFT City.
This USD 20 million offshore borrowing diversifies UGRO's funding sources and lowers reliance on domestic debt, though it introduces currency and floating-rate risk. For shareholders, the move expands the company's lending capacity but is a relatively small raise, so the direct stock price impact is likely limited.