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BC Asia Investments Acquires Control of Manappuram Finance; Becomes Co-Promoter
BC Asia Investments (affiliates of Bain Capital) has officially acquired control of Manappuram Finance effective April 21, 2026. This follows the completion of a preferential issue of equity shares and warrants and the conclusion of a mandatory open offer. Interestingly, the open offer saw 'NIL' tenders from public shareholders, suggesting existing investors preferred to remain with the company. The investors now join the existing promoter group led by V.P. Nandakumar as co-promoters.
Key Highlights
BC Asia Investments XXV and XIV have officially become 'promoters' of the company as of April 21, 2026
The mandatory open offer concluded on April 20, 2026, with zero shares tendered by public shareholders
Control was established following a preferential issue of equity shares and warrants completed on March 27, 2026
The Shareholders' Agreement (SHA) dated March 20, 2025, has now become fully effective
💼 Action for Investors
The entry of a major global private equity player as a co-promoter is a significant positive for corporate governance and capital access. Investors should maintain their positions while monitoring for any strategic shifts in the company's lending portfolio.
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Manappuram Board Approves ₹7,400 Cr Borrowing and ₹940 Cr Investment in Subsidiaries
Manappuram Finance has approved a comprehensive borrowing program of ₹7,400 crore for FY 2026-27 through Non-Convertible Debentures to support its lending operations. The company is also making significant capital infusions into its subsidiaries, including ₹790.59 crore in Asirvad Micro Finance and ₹150 crore in Manappuram Home Finance. These investments are aimed at meeting the capital expenditure and working capital requirements of these high-growth segments. Additionally, the appointment of a seasoned banking veteran as Group CTO signals a push towards digital transformation.
Key Highlights
Approved borrowing limit of ₹7,400 crore for FY 2026-27 via private placement or public issue of NCDs.
Capital infusion of ₹790.59 crore into Asirvad Micro Finance Limited at ₹44 per share, increasing stake up to 99.06%.
Additional investment of ₹150 crore into wholly-owned subsidiary Manappuram Home Finance Limited.
Appointment of Narayanan Easwaran, with 25+ years of experience at ICICI and IDFC First, as Group CTO.
Asirvad Micro Finance reported an AUM of ₹8,188.79 crore and turnover of ₹2,705.43 crore for FY 2025.
💼 Action for Investors
The significant capital infusion into microfinance and home finance subsidiaries indicates a strong focus on diversifying the portfolio away from pure gold loans. Investors should monitor the growth trajectory of these subsidiaries and the impact of the new CTO on operational efficiencies.
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Manappuram Finance Approves ₹7,400 Cr Borrowing & ₹940 Cr Investment in Subsidiaries
Manappuram Finance has announced a major capital allocation strategy, approving a borrowing limit of ₹7,400 crore for FY 2026-27 through Non-Convertible Debentures (NCDs). The company is also strengthening its non-gold business by infusing ₹790.59 crore into Asirvad Micro Finance and ₹150 crore into Manappuram Home Finance. These investments are aimed at supporting the subsidiaries' capital requirements and expansion plans. Additionally, the appointment of Narayanan Easwaran as Group CTO signals a strategic focus on digital transformation and technology leadership.
Key Highlights
Approved a borrowing program of up to ₹7,400 crore for FY 2026-27 via NCDs in one or more tranches.
Authorized an additional equity investment of ₹790.59 crore in Asirvad Micro Finance Limited at ₹44 per share.
Approved a ₹150 crore equity infusion into Manappuram Home Finance Limited to support working capital and growth.
Appointed Narayanan Easwaran, a veteran with over 25 years of experience in banking tech, as Group CTO.
The investment in Asirvad Micro Finance is expected to increase the company's stake from 98.56% to approximately 99.06%.
💼 Action for Investors
Investors should view the capital infusion into microfinance and housing subsidiaries as a positive step toward diversifying the loan portfolio. Monitor the execution of the borrowing plan and the impact of the new CTO on the company's digital efficiency and operating costs.
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Manappuram Board Approves ₹7,400 Cr Borrowing & ₹940 Cr Investment in Subsidiaries
Manappuram Finance has approved a comprehensive borrowing program of ₹7,400 crore for FY 2026-27 through NCDs to support its lending operations. The company is also infusing ₹790.59 crore into its microfinance subsidiary, Asirvad Micro Finance, and ₹150 crore into its housing finance arm, Manappuram Home Finance. These investments aim to strengthen the capital base and support the growth of these non-gold business segments. Furthermore, the appointment of a new Group CTO with extensive banking experience highlights a strategic focus on digital transformation.
Key Highlights
Approved borrowing limit of ₹7,400 crore via NCDs for FY 2026-27 through private or public issues.
Equity investment of up to ₹790.59 crore in Asirvad Micro Finance Limited at ₹44 per share.
Capital infusion of ₹150 crore in Manappuram Home Finance Limited to support working capital and capex.
Appointment of Narayanan Easwaran, a veteran with 25 years of experience, as Group Chief Technology Officer.
Asirvad Micro Finance reported an AUM of ₹8,188.79 crore and turnover of ₹2,705.43 crore for FY 2025.
💼 Action for Investors
Investors should view the capital infusion into subsidiaries as a positive step toward diversifying the loan book beyond gold loans. Monitor the growth trajectory of the microfinance and home finance segments as they receive fresh capital to scale operations.
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Bain Capital Entities Allotted 18.58 Cr Shares and Warrants in Manappuram Finance at ₹236
Bain Capital, through its entities BC Asia Investments, has been allotted 9.29 crore equity shares and 9.29 crore warrants of Manappuram Finance at a price of ₹236 per unit. This preferential allotment represents an 18% stake on a fully diluted basis and is a key step in a larger acquisition agreement. The transaction has triggered a mandatory open offer for an additional 26% stake (24.42 crore shares) from public shareholders. Currently, the allotted securities are held in escrow pending the completion of the open offer process.
Key Highlights
Allotment of 9,29,01,373 equity shares and 9,29,01,373 warrants at a price of ₹236.00 per unit
Bain Capital group's total holding reaches 18.00% of the company on a fully diluted basis post-allotment
Triggers an Open Offer for 24,42,27,387 equity shares, representing 26% of expanded voting capital
Subscription shares and warrants are currently held in demat escrow accounts as per SEBI regulations
The entry of a major global PE firm like Bain Capital indicates strong institutional backing and potential strategic shifts
💼 Action for Investors
Investors should note the ₹236 allotment price as a key valuation floor and monitor the upcoming Open Offer details for potential exit or participation opportunities. The entry of Bain Capital is a significant positive trigger for long-term institutional confidence in the company.
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RBI Approves Bain Capital's ₹4,385 Crore Investment and Joint Control of Manappuram Finance
The Reserve Bank of India has granted all necessary approvals for Bain Capital to acquire joint control of Manappuram Finance and its subsidiaries, including Asirvad Micro Finance and Manappuram Home Finance. The transaction involves a significant capital infusion of approximately ₹4,385 crore, with completion targeted by March 31, 2026. Post-transaction and open offer, Bain Capital will hold between 18.0% and 41.66% stake, becoming a co-promoter alongside the existing promoters who will hold 28.9%. This strategic entry by a global private equity firm is expected to drive the next phase of growth and institutionalize management.
Key Highlights
Bain Capital to invest approximately ₹4,385 crore for joint control of the company and its subsidiaries.
RBI has cleared the indirect change in control for Asirvad Micro Finance and Manappuram Home Finance.
Bain Capital's stake will range from 18.0% to 41.66% on a fully diluted basis depending on open offer participation.
Existing promoters will retain a 28.9% stake, and the Board will be reconstituted with Bain nominees.
Capital infusion is scheduled to be completed by March 31, 2026, followed by an open offer.
💼 Action for Investors
Investors should view this as a major positive catalyst that provides growth capital and high-quality institutional backing. Monitor the open offer details and the strategic direction under the new joint-control structure.
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RBI Approves Indirect Change of Control in Manappuram Subsidiaries for 41.66% Stake Acquisition
The Reserve Bank of India (RBI) has granted final approval for the indirect change of control and management in Manappuram Finance's subsidiaries, Asirvad Micro Finance (AMFL) and Manappuram Home Finance (MHFL). This approval pertains to the proposed acquisition of up to 41.66% of the paid-up equity capital of Manappuram Finance by BC Asia Investments (Bain Capital). Notably, the RBI has waived the standard 30-day public notice period requirement for the subsidiaries, signaling a faster path to completion. This regulatory clearance is a major milestone for the ongoing open offer and the entry of a global private equity investor into the company.
Key Highlights
RBI granted final approval for indirect change of control in subsidiaries AMFL and MHFL on March 18, 2026.
The transaction involves BC Asia Investments acquiring up to 41.66% of Manappuram Finance Limited.
RBI has waived the mandatory 30-day public notice period for the change in control of the subsidiaries.
The acquisition triggers a mandatory open offer to public shareholders under SEBI Takeover Regulations.
The approval is subject to conditions previously specified by the RBI in February 2026.
💼 Action for Investors
Investors should closely track the open offer details and timelines as the entry of Bain Capital is likely to provide a valuation floor and improve long-term capital access. The waiver of the notice period suggests the deal is progressing faster than expected, which is a positive signal for market certainty.
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Manappuram Finance Appoints Sreekanth P V as President & Group Head of Operations and Digital
Manappuram Finance has appointed Mr. Sreekanth P V as President and Group Head of Operations, Services, and Digital, effective March 7, 2026. Mr. Sreekanth brings over 22 years of extensive experience in the financial services sector, including a significant tenure at Bajaj Finance Ltd as Deputy Executive Vice President of Digital Platforms. His background includes leadership roles at global institutions like HSBC and Standard Chartered, focusing on digital transformation and lending operations. This appointment is expected to bolster Manappuram's digital infrastructure and operational efficiency.
Key Highlights
Mr. Sreekanth P V appointed as President and Group Head - Operations, Services and Digital effective March 7, 2026
Appointee brings over 22 years of experience in operations, digital platforms, and product innovation
Previously held senior leadership roles at Bajaj Finance Ltd, including Deputy Executive Vice President – Digital Platforms
Extensive career history with major financial institutions including HSBC, GE Money, and Standard Chartered Bank
Educational background includes an MBA and B.Com (Honours) from Sri Sathya Sai Institute of Higher Learning
💼 Action for Investors
Investors should view this as a positive move to strengthen the leadership team with expertise from a top-tier competitor like Bajaj Finance. Monitor the company's progress in digital transformation and operational scaling under the new leadership.
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Manappuram Finance CEO Deepak Reddy to Take 90-120 Day Medical Leave
Manappuram Finance has announced that its CEO and Key Managerial Personnel, Mr. Deepak Reddy, will be on a medical leave of absence effective February 25, 2026. The leave is expected to last between 90 and 120 days as he travels overseas for medical treatment. The company has not yet named an interim CEO to handle responsibilities during this 3-4 month period. Investors should monitor for further disclosures regarding temporary leadership arrangements to ensure operational stability.
Key Highlights
CEO Deepak Reddy on medical leave of absence starting February 25, 2026
Expected duration of absence is between 90 to 120 days
Leave is required for overseas medical treatment and recovery
Mr. Reddy is a designated Key Managerial Personnel (KMP) of the company
💼 Action for Investors
Investors should watch for updates on interim leadership to ensure there is no disruption in strategic execution. The stock may see minor volatility due to the temporary leadership gap.
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RBI Approves Bain Capital's Acquisition of Up to 41.66% Stake in Manappuram Finance
Manappuram Finance has received final approval from the Reserve Bank of India (RBI) for the acquisition of up to 41.66% of its equity capital by BC Asia Investments (Bain Capital). The RBI has also granted a waiver for the public notice period, which typically accelerates the transaction process. While this is a major regulatory milestone, final consummation depends on pending RBI approvals for the company's subsidiaries, Asirvad Micro Finance and Manappuram Home Finance. The deal involves a mandatory open offer to public shareholders as per SEBI regulations.
Key Highlights
RBI grants final approval for BC Asia Investments to acquire up to 41.66% stake in the company.
The regulator waived the mandatory public notice period, speeding up the change in control process.
Acquisitions crossing 26% after one year (excluding warrant conversions) will require fresh RBI approval.
Final deal completion is still subject to pending RBI approvals for Asirvad Micro Finance and Manappuram Home Finance.
Investors must submit an action plan to RBI to ensure no multiple NBFCs of the same category exist within the group.
💼 Action for Investors
Investors should view this as a significant positive development as it brings in a Tier-1 global investor, though they should monitor the progress of pending subsidiary approvals and the upcoming Open Offer details.
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Manappuram Finance Declares Rs 0.50 Interim Dividend; Sets Feb 6 as Record Date
Manappuram Finance has declared an interim dividend of Rs. 0.50 per equity share, which is 25% of the face value of Rs. 2. The company has fixed February 6, 2026, as the record date for determining shareholder eligibility. Alongside the dividend, the board approved the financial results for the quarter and nine months ended December 31, 2025. The company also reported the successful utilization of Rs. 1,000 crores raised through NCDs for business growth with no deviations.
Key Highlights
Interim dividend of Rs. 0.50 per share (25% of face value) declared.
Record date for dividend payment fixed as February 6, 2026.
Board approved un-audited standalone and consolidated financial results for Q3 FY26.
Total of Rs. 1,000 crores raised via NCDs in December 2025 fully utilized for asset book growth.
Zero deviation reported in the utilization of funds raised through private placements.
💼 Action for Investors
Investors interested in the dividend should ensure they hold the stock before the ex-dividend date. Additionally, review the Q3 financial results to evaluate the company's operational performance and gold loan book growth.
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Manappuram Finance Declares Rs 0.50 Interim Dividend; Sets Record Date for Feb 6, 2026
Manappuram Finance has declared an interim dividend of Rs 0.50 per equity share, which is 25% of the face value of Rs 2. The company has fixed February 6, 2026, as the record date for determining eligible shareholders for the payout. Alongside the dividend, the board approved the Q3 FY26 financial results and confirmed the successful utilization of Rs 1,000 crore raised through NCDs in December 2025 for business growth. This consistent dividend payout reflects the company's commitment to returning value to shareholders.
Key Highlights
Interim dividend declared at Rs 0.50 per equity share (25% of face value)
Record date for dividend eligibility set for Friday, February 6, 2026
Confirmed utilization of Rs 1,000 crore raised via NCDs for asset book expansion
Approved un-audited standalone and consolidated financial results for the quarter ended Dec 31, 2025
NCD funds raised in two tranches of Rs 500 crore each on Dec 15 and Dec 30, 2025
💼 Action for Investors
Investors interested in the dividend should ensure they hold the stock before the record date of February 6, 2026. Long-term investors should also review the detailed Q3 financial performance to assess the growth in the gold loan portfolio.
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Manappuram Finance Declares ₹0.50 Interim Dividend; Sets Record Date for Feb 6, 2026
Manappuram Finance has declared an interim dividend of ₹0.50 per equity share, which is 25% of the face value of ₹2. The company has fixed February 6, 2026, as the record date to identify eligible shareholders for the payout. Alongside the dividend, the board approved the financial results for the quarter ended December 31, 2025. The company also confirmed the full utilization of ₹1,000 crore raised through private placement of NCDs in December 2025 for business growth.
Key Highlights
Interim dividend declared at ₹0.50 per equity share (25% of face value)
Record date for dividend eligibility is Friday, February 6, 2026
Successful deployment of ₹1,000 crore raised via NCDs into asset book growth
Board approved un-audited standalone and consolidated financial results for Q3 FY26
NCD funds were raised in two tranches of ₹500 crore each in December 2025
💼 Action for Investors
Investors interested in the dividend should ensure they hold the stock before the record date of February 6, 2026. The continued fundraise and deployment indicate a focus on maintaining growth in the gold loan and microfinance books.
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Manappuram Finance Declares ₹0.50 Interim Dividend and Approves Q3 FY26 Results
Manappuram Finance Limited has approved its financial results for the quarter ended December 31, 2025, and declared an interim dividend of ₹0.50 per equity share. The dividend represents 25% of the face value of ₹2 per share, with the record date fixed for February 6, 2026. The company also confirmed the successful raising and full utilization of ₹1,000 crores through private placements of Non-Convertible Debentures (NCDs) in December 2025. These funds were deployed for business growth and asset book expansion without any deviations.
Key Highlights
Interim dividend of ₹0.50 per equity share (25% of face value) declared.
Record date for dividend eligibility is set for February 6, 2026.
Raised ₹1,000 crores via two NCD tranches of ₹500 crores each in December 2025.
100% of NCD proceeds utilized for business deployment and asset book growth.
Un-audited standalone and consolidated financial results for Q3 FY26 approved.
💼 Action for Investors
Investors should track the record date of February 6, 2026, to qualify for the interim dividend. The continued fundraise and utilization for asset growth indicate a focus on business expansion.
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Manappuram Finance EGM: Shareholders Vote to Increase Borrowing Limits for Credit Expansion
Manappuram Finance held an Extraordinary General Meeting (EGM) on January 22, 2026, to seek approval for increasing its borrowing capacity. The company proposed a special resolution to borrow funds in excess of its paid-up share capital and free reserves to support credit expansion and optimize funding costs. Additionally, resolutions were presented for creating charges on company properties and revising the remuneration for Executive Director Dr. Sumitha Nandan. Management emphasized that these steps are vital for maintaining liquidity and financial flexibility in a growing NBFC sector.
Key Highlights
Proposed increase in borrowing limits under Section 180(1)(c) to support business expansion and liquidity.
Approval sought for creating charges or mortgages on company properties to facilitate secured borrowing.
Resolution placed for the revision of remuneration payable to Dr. Sumitha Nandan, Whole-time Director.
Management reiterated a strategic focus on retail and secured lending and digital capability enhancement.
The EGM was conducted via video conferencing with remote e-voting concluded on January 21, 2026.
💼 Action for Investors
Investors should view the increase in borrowing limits as a signal of management's intent to scale the loan book. Monitor the final voting results and upcoming debt issuance plans to assess the company's ability to lower its cost of funds.
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Manappuram Finance EGM: Shareholders Vote to Increase Borrowing Limits for Growth
Manappuram Finance held an Extraordinary General Meeting (EGM) on January 22, 2026, to seek approval for increasing its borrowing limits beyond the aggregate of paid-up share capital and free reserves. This strategic move is designed to provide the company with greater financial flexibility to support credit expansion and optimize the cost of funds. Shareholders also voted on creating charges on company properties to secure these borrowings and a revision in the remuneration for Executive Director Dr. Sumitha Nandan. Management reiterated a focus on retail and secured lending while maintaining a conservative approach to leverage.
Key Highlights
Proposed special resolution to increase borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
Sought approval to create charges or mortgages on company properties to facilitate secured borrowing.
Proposed revision in the remuneration package for Dr. Sumitha Nandan, Whole-time Director.
Management emphasized the need for diversified and cost-effective funding to meet robust credit demand in the NBFC sector.
Remote e-voting was conducted between January 18 and January 21, 2026, prior to the EGM.
💼 Action for Investors
Investors should monitor the final voting results as the increased borrowing headroom signals management's readiness for business expansion. The focus on secured lending and optimized funding costs is a positive sign for long-term margin stability.
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Manappuram Denies Reports of Bain Deal Delay; Awaits Final RBI Approval for Change of Control
Manappuram Finance has officially denied media reports suggesting that its deal with Bain Capital (BC Asia Investments) is delayed due to regulatory concerns. The company clarified that it has already secured RBI approvals for management changes in the parent entity (Sept 17, 2025) and its subsidiaries, Asirvad Micro Finance and Manappuram Home Finance (Aug 27, 2025). While the final approval for 'change of control' is still pending with the RBI, the company has submitted all required filings and responses to clarifications. The management labeled the news reports as speculative and factually incorrect.
Key Highlights
Company denies Economic Times report regarding regulatory delays in the Bain Capital transaction
RBI approval for change in management was previously received on September 17, 2025
Subsidiaries AMFL and MHFL received management change approvals earlier on August 27, 2025
Final RBI approval for the 'change of control' is currently pending following submission of all clarifications
The deal involves BC Asia Investments XIV and XXV acquiring joint control with existing promoters
💼 Action for Investors
Investors should ignore the speculative reports and focus on the official timeline for the final RBI approval for change of control. The successful completion of this deal with Bain Capital remains a significant catalyst for the stock.
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Manappuram Finance Seeks Approval to Increase Borrowing Limit to ₹75,000 Crores
Manappuram Finance has convened an Extraordinary General Meeting (EGM) on January 22, 2026, to seek shareholder approval for a significant increase in its borrowing limit to ₹75,000 Crores. This proposal includes the authority to create charges or mortgages on company properties to secure these borrowings via loans and debt instruments. Additionally, the company is seeking approval for a revision in the remuneration of Whole-time Director Dr. Sumitha Nandan. The move signals the company's preparation for substantial balance sheet expansion and increased lending activities.
Key Highlights
Proposed increase in borrowing limit to a maximum of ₹75,000 Crores under Section 180(1)(c).
Request for authorization to create security/charges on assets up to the ₹75,000 Crores limit.
Extraordinary General Meeting (EGM) scheduled for January 22, 2026, via video conferencing.
Revision in the remuneration terms for Dr. Sumitha Nandan, Whole-time Director.
Remote e-voting period set from January 18, 2026, to January 21, 2026, with a cut-off date of January 15.
💼 Action for Investors
Investors should view this as a growth-oriented move indicating management's intent to scale the loan book. Monitor the company's future cost of funds and leverage ratios as they utilize this expanded borrowing capacity.
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Manappuram Finance to Raise Borrowing Limit to ₹75,000 Cr and Invest ₹250 Cr in Asirvad Micro Finance
Manappuram Finance has approved a significant increase in its borrowing limit to ₹75,000 crores, signaling long-term growth and liquidity planning. The company is also strengthening its leadership by appointing Mr. Buvanesh Tharashankar, a veteran from RBL and Citibank, as Group CFO. Additionally, it will infuse up to ₹250 crores into its subsidiary, Asirvad Micro Finance, increasing its stake to 98.56%. An Extraordinary General Meeting (EGM) is scheduled for January 22, 2026, to seek shareholder approval for these resolutions.
Key Highlights
Approved increase in borrowing limits up to ₹75,000 crores under Section 180(1)(c).
Appointment of Mr. Buvanesh Tharashankar as Group Chief Financial Officer effective December 26, 2025.
Additional equity investment of up to ₹250 crores in subsidiary Asirvad Micro Finance Limited at ₹51 per share.
Shareholding in Asirvad Micro Finance to increase from 98.31% to approximately 98.56%.
EGM convened for January 22, 2026, to obtain shareholder consent for borrowing and charge creation.
💼 Action for Investors
Investors should view the higher borrowing limits and the appointment of a seasoned Group CFO as positive steps toward scaling operations. Monitor the performance of the microfinance subsidiary following the ₹250 crore capital infusion.
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Manappuram Finance Allots ₹500 Crore Non-Convertible Debentures
Manappuram Finance Limited has allotted secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures with a face value of ₹1,00,000 each, for a total aggregate amount of ₹500,00,00,000 on a private placement basis. These debentures, with ISIN INE522D07CI5, carry a coupon rate of 8.00% per annum, payable annually. The debentures have a tenure of 730 days, with a maturity date of December 15, 2027. The funds raised will be utilized for business deployment and asset book growth, excluding capital market investments or speculative purposes.
Key Highlights
Allotted secured NCDs worth ₹500,00,00,000.
Debentures have a face value of ₹1,00,000 each.
Coupon rate is 8.00% per annum, paid annually.
Debentures mature on December 15, 2027 (730-day tenure).
ISIN for the debentures is INE522D07CI5.
💼 Action for Investors
Investors should note the details of the NCD allotment and monitor the company's utilization of funds for business growth. Keep an eye on the company's ability to maintain the security cover of 100% for the debentures.