Quantitative Details
Instrument Details:
- 100 Unsecured, Rated, Non-Convertible, Subordinated, Perpetual Debt in the nature of Debentures
- Face Value: ₹10,00,000 per NCD (Rupees Ten Lacs only)
- Total Principal Amount: ₹10,00,00,000 (Rupees Ten Crore only)
- Coupon Rate: 12.10% per annum payable annually
- Call Premium: Not Applicable (N.A.)
Credit Rating:
- Original Rating: BWR AA- by Brickwork Ratings
- Updated Rating: CARE AA+ (Stable) by CARE Ratings Limited
Parties Involved
- Issuer: Poonawalla Fincorp Limited
- Debenture Trustee: Catalyst Trusteeship Limited
- Stock Exchanges: BSE Limited (Wholesale Debt Market Segment), National Stock Exchange of India Limited
- Regulator: Reserve Bank of India (RBI approval obtained)
- Rating Agencies: Brickwork Ratings, CARE Ratings Limited
Terms of Issue
- Instrument Type: Perpetual Debt (no fixed maturity)
- Call Option Feature: Company has option to exercise call after minimum period of 10 years from issue date
- Step-up Option: If call option not exercised at end of 10th year, coupon rate steps up by 100 bps to 13.10% p.a. for subsequent years
- Payment Frequency: Annual interest payments
- Coupon Type: Fixed rate
Redemption Details
- The NCDs will be redeemed at face value of ₹10,00,000 each
- Redemption includes principal plus interest accrued until redemption date
- Payment will be made by crediting bank accounts linked to demat accounts
- NCDs will be fully extinguished after redemption payment
- No claims shall lie against the Company after redemption
Approval Status
Formal approval from Reserve Bank of India has been received for the redemption of NCDs.
Additional Information
- The NCDs were issued on private placement basis
- Original documentation: Term-sheet/Tranche Information Document dated July 30, 2016, read with Shelf Information Memorandum dated July 30, 2016
- Information has been placed on company website: https://poonawallafincorp.com/investor-governance.php