Board Approval Details

The Board of Directors considered and approved the following:

1. Issuance of Non-Convertible Debentures: Approval for issuance of Secured, Listed, Rated, Transferable, Redeemable, Non-Convertible Debentures up to INR 50 Crores (Indian Rupees Fifty Crores Only) through two series:

  • Series A1: Up to INR 25 Crores in one or more tranches
  • Series A2: Up to INR 25 Crores in one or more tranches

2. Committee Authorization: The Board authorized the Loan & Investment Committee of the Board of Directors to determine and approve the quantum, timing, and other terms and conditions of the NCD issue up to INR 300 crore.

NCD Series A1 Details (Annexure-I)

  • Type of Security: Secured, Listed, Rated, Transferable, Redeemable, Non-Convertible Debentures
  • Issuance Type: Private placement basis to eligible investors
  • Issue Size: Up to INR 25 Crores in one or more tranches
  • Listing: Proposed to be listed on National Stock Exchange of India Limited
  • Tenure: Up to 24 months from the Deemed Date of Allotment
  • Coupon/Interest: As specified in the key information document
  • Security: Company shall maintain security cover of at least 1.10x (one decimal one zero times) at all times during the tenure over loan receivables, present and future, that fulfil eligibility criteria
  • Default Provisions:
  • Payment Default/Event of Default: Additional interest rate of 2% per annum above applicable Interest Rate
  • Breach of Covenants: Additional interest at 2% p.a. over Coupon Rate for defaulting period
  • Delay in security creation: Additional interest of 2.00% over Interest Rate
  • Delay in Debenture Trust Deed execution: Penal interest of at least 2% p.a. over Coupon Rate

NCD Series A2 Details (Annexure-II)

  • Type of Security: Secured, Listed, Rated, Transferable, Redeemable, Non-Convertible Debentures
  • Issuance Type: Private placement basis to eligible investors
  • Issue Size: Up to INR 25 Crores in one or more tranches
  • Listing: Proposed to be listed on National Stock Exchange of India Limited
  • Tenure: Up to 30 months from the Deemed Date of Allotment
  • Coupon/Interest: As specified in the key information document
  • Security: Company shall maintain security cover of at least 1.10x (one decimal one zero times) at all times during the tenure over loan receivables, present and future, that fulfil eligibility criteria
  • Default Provisions:
  • Payment Default/Event of Default: Additional interest rate of 2% per annum above applicable Interest Rate
  • Breach of Covenants: Additional interest at 2% p.a. over Coupon Rate for defaulting period
  • Delay in security creation: Additional interest of 2.00% over Interest Rate
  • Delay in Debenture Trust Deed execution: Penal interest of at least 2% p.a. over Coupon Rate