Allotment of 65,000 12% listed secured redeemable NCDs aggregating INR 65,00,00,000 on private placement

Allotment Committee approved allotment of 65,000 NCDs on a private placement basis.

Fri 9 Oct 2026

NCDs allotted

65,000 NCDs, face value INR 10,000 each, aggregating INR 65,00,00,000

Coupon and tenor

12.00% coupon, 18-month tenor, bullet repayment on 09th April, 2028

Security cover

Minimum 125%, secured against MSME Secured Loan receivables (75%) and CashMySalary digital receivables (25%)

What was announced

The Allotment Committee of the company met on 09th October, 2026, from 12:30 P.M. to 01:00 P.M., and considered and approved the allotment of 65,000 (Sixty-Five Thousand) 12% Listed, Secured, Rated, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis, with a face value of INR 10,000 each, aggregating to INR 65,00,00,000.

A private placement means the debentures were issued to a selected set of investors rather than to the general public.

Terms at a glance

• Type of instrument: 12.00% Listed, Secured, Rated, Redeemable NCDs
• Type of issuance: private placement
• Total number allotted: 65,000
• Face value per NCD: INR 10,000
• Issue size and allotted issue size: INR 65,00,00,000
• Coupon rate: 12.00%
• Tenor: 18 months
• Date of allotment: 09th October, 2026; date of redemption / maturity: 09th April, 2028
• Redemption: bullet repayment on 09th April, 2028
• Listing: BSE Limited
• Special rights, interests or privileges attached to the instrument: none

What an NCD is, in simple words

A non-convertible debenture is a loan raised by a company from investors. The company pays interest at a fixed rate at intervals, and repays the principal at the end of the agreed period. "Non-convertible" means it does not turn into shares of the company. Here, interest is scheduled monthly and the entire principal is due in one shot, or "bullet", on maturity.

What backs these debentures

• The NCDs are secured against identified MSME Secured Loan receivables of the company, comprising 75%, and CashMySalary digital receivables, comprising 25%, which fulfil stated eligibility criteria. These are described as the "Hypothecated Assets".
• These assets must be maintained at a minimum Security Cover Ratio of 125% (One Hundred and Twenty-Five per cent) or 1.25x of the amounts outstanding under the debentures at all times. In simple terms, assets worth at least a quarter more than what is owed on the debentures are to stand behind the issue.

What follows a payment delay

If interest or principal is delayed by more than three months from the due date, or there is a default in payment of interest or principal, the applicable rate is 2% per annum over and above the Coupon Rate on the default amount. The update states NA against details of any letter or comments regarding payment or non-payment of interest or principal on due dates or any other matter concerning the security or assets.

Who the debentures were allotted to

• MANBA FINANCE LIMITED
• SUNRISE GILTS AND SECURITIES PRIVATE LIMITED
• LC CAPITAL INDIA PRIVATE LIMITED
• ASPERO MARKETS PRIVATE LIMITED

How the payouts are scheduled

Interest runs monthly, with 18 coupon dates from 09-11-2026 to 09-04-2028. On a single debenture of Rs 10,000, the scheduled interest amounts shown are 101.92 for 31-day periods and 98.63 for 30-day periods in the first year, then 101.64 for 31-day periods and 98.36 for 30-day periods later, with 92.05 for a 28-day period and 95.08 for a 29-day period. The final instalment on 09-04-2028 carries 10,101.64, which is interest plus principal on that debenture of Rs 10,000. The amounts vary because the number of days in each coupon period varies.

How a reader may see it

For a finance company, raising money through debentures is part of how it funds its lending activity. The update sets out the cost of this borrowing, at a 12.00% coupon over an 18-month tenor, the asset pool and the minimum 125% cover meant to back it, the consequences of a delay in payment, and the fact that the debentures are to be listed on BSE. The allotment is recorded as considered and approved by the Allotment Committee on 09th October, 2026.

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