Allotment of 50,000 Secured NCDs Worth Rs. 50,00,00,000 at 10.65% on Private Placement
The Finance Committee allotted 50,000 secured, rated, listed, redeemable NCDs of Rs. 10,000 each, aggregating ₹ 50,00,00,000, on a private placement basis.
By ScoutQuest · · 1 min read
- NCD Quantity
- 50,000
- NCD Face Value
- Rs. 10,000 each
- Total Aggregate Value
- ₹ 50,00,00,000
- Coupon Rate
- 10.65%
- Tenure and Maturity
- 26 months, maturing 24-11-2028
What happened
The Finance Committee of the Board allotted 50,000 Secured, Rated, Listed, Redeemable, Taxable, Non-Convertible Debentures of face value Rs. 10,000 each, aggregating ₹ 50,00,00,000, on a private placement basis.
Key terms
- Coupon: 10.65%
- Tenure: 26 months, allotted 24-09-2026, maturing 24-11-2028
- Repayment: monthly payment of principal and interest
- Security: exclusive charge by deed of hypothecation over a specific portfolio of receivables, with a minimum security cover of 1.10 times on outstanding principal plus coupon at all times
- Default clause: additional 2.00 % over the coupon rate if interest or principal is delayed beyond three months, till the default is cured
- Proposed listing: Wholesale Debt Market segment of BSE Limited
What it means for investors
For a lending business, debentures are a way of raising funds that are later lent onward to borrowers. This is a debt raise, not an equity issue, so there is no dilution for existing shareholders. The monthly amortisation structure means the company repays principal steadily rather than in one bullet payment at maturity. The 10.65% coupon indicates the cost at which the company is raising this tranche of borrowing.
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More numbers
- Number of NCDs allotted50,000
- Face value per NCDRs. 10,000/-
- Aggregate issue size₹ 50,00,00,000/-
- Coupon rate10.65%
- Tenure26 months
- Minimum security cover1.10
- Default penalty over coupon2.00 %
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