Board approves private placement of secured, rated, listed NCDs aggregating to INR 45,00,00,000
Board approves issue of 45,000 Secured, Rated, Listed Non-Convertible Debentures (NCDs) of face value INR 10,000 each, totalling INR 45,00,00,000, on a private placement basis.
By ScoutQuest · · 2 min read
- Total NCD Issue Size
- INR 45,00,00,000 (45,000 units of face value INR 10,000 each)
- Interest Rate
- 13.00% per annum, payable monthly
- Tenure & Security Cover
- 36 months; security cover 1.35x
What the board approved
The meeting of the Board of Directors held on 13th October, 2026 considered and approved the issuance of 45,000 units of Secured, Rated, Listed, Non-Convertible Debentures (NCDs) having a face value of INR 10,000 each, for an aggregate amount of INR 45,00,00,000, on a private placement basis.
The issue is split in two parts
- Base Issue: 15,000 units of face value INR 10,000 each, aggregating to INR 15,00,00,000
- Green Shoe Option: 30,000 units of face value INR 10,000 each, aggregating to INR 30,00,00,000
Key terms of the debentures
- Type of security: Secured, Rated, Listed, Non-Convertible Debentures
- Mode of issuance: Private Placement
- Listing: proposed to be listed on BSE Limited
- Tenure: 36 months from the Deemed Date of Allotment, with maturity 36 months from the actual date of allotment
- Interest: 13.00% per annum, payable monthly
- Principal repayment schedule: 25% at the end of the 24th month, 25% at the end of the 30th month and 50% at the end of the 36th month
- Special rights or privileges attached: None
Security and default terms
- Security cover of 1.35x of the amounts outstanding under the debentures (including principal and interest), being at least 1.35 times or 135% of the security cover, which shall comprise 50% secured and 50% unsecured principal loan receivables.
- In case of delay in payment of interest or principal beyond three months from the due date, or default in payment, 3% per annum over and above the coupon rate applies on the default amount.
Who is involved
- Catalyst Trusteeship Limited has been appointed as Trustee for the issue
- Horizon Management Pvt Ltd has been appointed as Merchant Banker for the issue
- The allotment of NCDs shall be done after closure of Bidding Time, as the NCDs are privately placed through an Electronic Book Provider, i.e. on the Settlement date
How to read this
This is a fundraising step where the company is borrowing money by issuing debt instruments rather than shares. NCDs are debt, so the company pays interest to the holders and repays the principal as per the schedule, instead of giving them an ownership stake. Because the NCDs are described as secured, they carry a charge over specified assets as mentioned above. Since they are proposed to be listed on BSE Limited, they are intended to be tradeable on the exchange. The Green Shoe Option means a larger portion of the total is an option over and above the Base Issue. The total number of units stated is 45,000.
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Board outcome: H1 results approved; issuance of 40,000 secured NCDs of INR 40,00,00,000
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More numbers
- Total NCD issue sizeINR 45,00,00,000
- Face value per NCDINR 10,000
- Total number of NCD units45000
- Base Issue sizeINR 15,00,00,000
- Green Shoe Option sizeINR 30,00,00,000
- Interest offered per annum13.00 %
- Tenure of the instrument36 months
- Security cover ratio1.35x
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