India Shelter Finance Corporation Ltd plans INR 100 Crore NonConvertible Debenture Issuance via Private Placement
India Shelter Finance Corporation Ltd is moving forward with a private placement for NonConvertible Debentures (NCDs), aiming to raise a total issue size of INR 10,00,00,000. The issuance has been approved by the company's Asset Liability Management Committee.The debt instrument is structured as part of an overall funding strategy and is designed for private placement. The planned issuance includes a base amount of INR 75.00 Crores, with an additional opportunity of up to INR 25.00 Crores available through a Green Shoe Option.
A key component of the planned transaction involves listing on the Bombay Stock Exchange (BSE). The NCDs are intended to be Rated, Secured, Transferable, and Redeemable instruments.
Key Details of the NonConvertible Debenture Issuance
The terms for the proposed NCD issuance include specifics regarding tenure, interest payment, and security backing, as detailed below:| Particular | Detail |
|---|---|
| Type of Securities | Rated, Secured, Transferable, Redeemable Non-Convertible Debentures (NCDs) |
| Issuance Method | Private Placement |
| Total Issue Size | INR 10,00,00,000 (INR One Hundred Crores only) |
| Base Issue Quantity | 10,000 debentures (Face Value: INR 1,00,000 each) |
| Green Shoe Option Size | Up to 2,500 debentures (Aggregate Nominal Value: INR 25 Crore only) |
| Tenure | 60 months from the deemed date of Allotment |
| Interest Rate | 8.10% p.a. (fixed) |
| Payment Schedule | Interest and Principal payable quarterly |
| Security | Secured by a first and exclusive hypothecation charge on standard receivables with a minimum asset cover of 1.10 times |
The debentures are set to be redeemed over a period of 60 months from the deemed date of allotment. The instrument is secured by a primary charge on standard receivables, mandating a minimum asset cover ratio of 1.10 times.
INDIASHLTR Stock Price Movement
India Shelter Finance Corporation Limited finished the trading day with a marginal gain of 0.04%, settling at ₹815.15. The stock price traded within an intraday range, reaching a high of ₹821.85 but bottoming out near ₹808.50.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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