Anupam Rasayan Shares Fall Nearly 5% Following Rs 160 Crore NCD Issuance Approval

Shares of Surat-headquartered specialty chemicals manufacturer Anupam Rasayan India Limited witnessed selling pressure in early trade on Monday, sliding nearly 5% on the BSE after the company announced a fresh fundraising plan through debt securities.

The decline followed an exchange disclosure detailing the approval of secured non-convertible debentures (NCDs) aggregating to Rs 160 crore on a private placement basis.

Key Details of the NCD Issue

At its meeting held on Saturday, September 19, the Board of Directors of Anupam Rasayan India considered and approved the private placement of debt instruments. According to the company's regulatory filings:

• Issue Size: Up to 16,000 secured, rated, unlisted, redeemable non-convertible debentures with a face value of Rs 1,00,000 each, amounting to a total size of up to Rs 160 crore in a single tranche.
• Allottee: Aditya Birla Capital Limited.
• Coupon Rate: Fixed at 10.25% per annum.
• Tenure and Maturity: The instrument carries a 13-month tenor, with a deemed date of allotment set for September 21, 2026, and final maturity on October 21, 2027.
• Redemption Mechanics: The redemption is scheduled in two tranches—a partial redemption of Rs 99,500 per debenture alongside accrued interest payable on or before October 21, 2026, followed by the redemption of the residual Rs 500 per debenture on October 21, 2027.
• Security & Collateral: The debentures are secured by a first-ranking exclusive pledge over specified promoter-held shares, as well as a hypothecation charge over an escrow account held with Axis Bank Limited. CTL Trusteeship Limited has been appointed as the debenture trustee.

Use of Proceeds and Market Reaction

The company stated that the capital raised through the debenture issue will be deployed primarily toward refinancing and debt servicing. Specifically, the proceeds are earmarked for:

• Repaying existing debt facilities.
• Financing investments in group companies.
• Addressing general corporate purposes.

Investors reacted cautiously to the announcement as trading opened for the week. Market participants weighed the relatively high borrowing cost of 10.25% alongside the encumbrance created through promoter share pledges to back the short-term facility.

Anupam Rasayan manufactures custom synthesis and specialty chemical products for sectors such as agrochemicals, pharmaceuticals, and personal care. The company's equity shares trade on both the National Stock Exchange (NSE: ANURAS) and the BSE (Scrip Code: 543275).

Tags: Anupam Rasayan India Aditya Birla Capital BSE NSE Specialty Chemicals