AFIL Board approves issuance of NCDs up to ₹60 Crore
AFIL's board has approved the issuance of NCDs up to ₹60 cr on private placement basis, with a coupon rate of 12% and tenure of up to 30 months.
The issuance of NCDs for ₹60 crore is a significant financial activity that can have a moderate impact on the company's financials and operations.
The announcement indicates a positive development for the company as it secures additional funding through the issuance of NCDs, which can support its growth and operations.
* Board approved the issuance of Secured, Listed, Rated, Transferable, Redeemable, Non-Convertible Debentures (NCDs) up to ₹60 Crore on a private placement basis. * The NCDs will be issued in one or more tranches. * The tenure of the instrument is up to 30 months from the deemed date of allotment. * Coupon/interest offered is 12.00% with monthly payment frequency. * Principal repayment schedule: 50% at the end of 24 months and 50% at the end of 30 months. * Security cover: To maintain the value of security (LAP/Equipment Loans/Business Loans) at 1.25 times or 125% of the aggregate principal outstanding of NCDs. * Additional coupon of 2% per annum will be charged for breach of covenants. * The Debentures will be redeemed at par and proposed to be listed on National Stock Exchange of India Limited.
What to do with a filing like this
Akme Fintrade (India) Limited filed this with the NSE as a statutory disclosure, categorised under board meeting. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Akme Fintrade (India) Limited. Read the original for the full detail.