Himatsingka Seide Limited Details Three Series of NCDs in Private Placement
Himatsingka Seide Limited has structured a comprehensive debt raising plan involving three series of Non-Convertible Debentures (NCDs) through a private placement. The issuance details outline the size, security provisions, and market status for each tranche, following a review of previous proposals.The company is offering Series 'D', 'E', and '1' NCDs, all denominated in INR and carrying a tenure of 42 months from the deemed date of allotment. These debentures are being issued via private placement to eligible investors.
NCD Issuance Details by Series
| Particulars | Series 'D' NCDs | Series 'E' NCDs | Series '1' NCDs |
|---|---|---|---|
| Type of Security | Senior, secured, unrated, unlisted, redeemable, taxable Non-Convertible Debentures. | Senior, secured, rated, unlisted, redeemable, taxable Non-Convertible Debentures. | Senior, secured, rated, listed, redeemable, taxable Non-Convertible Debentures. |
| Total Issue Size | Rs 50,00,00,000/- (Fifty Crore) | Rs 200,00,00,000/- (Two Hundred Crore) | Rs 300,00,00,000/- along with a Green Shoe Option up to Rs 250,00,00,000/- |
| Number of Securities | 1,000 each having a face value of Rs 5,00,000/-. | 4,000 each having a face value of Rs 5,00,000/-. | 30,000 each having a face value of Rs 1,00,000/-. |
| Listing Status | No | No | Yes (BSE & NSE) |
Financial Terms and Security Structure
The NCDs are being offered at par, with principal repayment structured across three installments: at the end of 30 months, 36 months, and 42 months. The interest rate for all tranches is set at 11.50% per annum, payable quarterly.Regarding the security created over the assets, a comprehensive charge structure has been established for the debentures. This includes:
- A first pari passu charge on all moveable and immoveable fixed assets located at the Hassan & Doddaballapur plant, which provides 1.75x cover based on Fair Market Value (FMV).
- A first ranking pari passu and continuing charge by way of mortgage over the Mortgaged Properties, along with all associated buildings, structures, and appurtenances.
- A Negative lien over land measuring 4.85 acres situated at Sy No. 25, 17/1, 17/2 & 23 in its manufacturing facility in Hassan.
- An Exclusive charge over the Subscription Escrow Account.
- The issuance of a Demand Promissory Note and Letter of Continuity.
Neither series is subject to cancellation or termination of the proposal for issuance.
HIMATSEIDE Stock Price Movement
On Monday, shares of Himatsingka Seide Limited slipped by 3.67% to settle at ₹86.65 after trading off the previous close. The equity saw a volume of 955,279 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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