Manba Finance allots 60,000 Non-Convertible Debentures at 10.50% on private placement
Manba Finance has allotted 60,000 Non-Convertible Debentures on a private placement basis.
By ScoutQuest · · 1 min read
- Aggregate Face Value
- Rs. 60,00,00,000/- (Rupees Sixty Crores Only)
- Coupon/Interest Offered
- 10.50%
- Tenure
- 27 months, with monthly payment of principal and interest
Manba Finance Ltd has informed the exchanges about an allotment of Non-Convertible Debentures (NCDs) approved by its Finance Committee.
What was allotted
- 60,000 Listed, Rated, Senior, Secured, Transferable, Redeemable, Non-Convertible Debentures
- Face value of Rs. 10,000/- each
- Aggregate face value of Rs. 60,00,00,000/- (Rupees Sixty Crores Only)
- Issued on a private placement basis
Key terms of the debentures
- Coupon/interest offered: 10.50%
- Tenure: 27 months
- Payment schedule: Monthly payment of principal and interest
- The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of BSE Limited
Security for the debentures
The debentures are secured by way of an exclusive charge through a deed of hypothecation over a specific portfolio of receivables, with a security cover of 1.10 times to be maintained on the outstanding principal amounts of the NCDs together with accrued interest at all times during the tenure.
What happens on a delay or default
If interest or principal remains unpaid for more than three months from the due date, or there is a default in payment of interest/principal, 2.00% over the coupon rate applies till each item of default is cured.
Other points stated
- There are no special rights, interests or privileges attached to the instrument.
- Redemption of the NCDs will be in accordance with the Debenture Trust Deed executed between the issuer and the Debenture Trustee.
How to read this
A debenture allotment is a borrowing by the company from investors who subscribe to the debt. The figures to note are the size (Rs. 60,00,00,000/-), the cost (10.50%), the period (27 months) and the security backing (an exclusive charge on receivables with a 1.10 times cover). The monthly principal-and-interest schedule means the company services this debt every month rather than at the end of the tenure.
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More numbers
- Non-Convertible Debentures allotted60,000 (Sixty Thousand Only)
- Face value per NCDRs. 10,000/-
- Aggregate face value of NCDsRs. 60,00,00,000/-
- Coupon/interest offered10.50%
- Tenure of instrument27 months
- Minimum security cover to be maintained1.10 (One decimal One Zero) times
- Additional interest on delay/default over coupon rate2.00 %
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