Next Article
Poonawalla Fincorp secures ₹1,005 crore through NCDs
Poonawalla Fincorp just raised ₹1,005 crore by selling secured non-convertible debentures (NCDs)—basically a way for companies to borrow money from investors.
Approved on July 15, each NCD is worth ₹1 lakh and will pay 7.5285% interest per year until they mature in September 2027.
Offering had a base size of ₹750 crore
The offering had a base size of ₹750 crore but was bumped up thanks to extra demand.
These NCDs are backed by company assets for added security, and if there are payment delays, investors get an extra 2% interest as a penalty.
This move helps Poonawalla Fincorp bring in fresh funds and gives investors a shot at steady returns without too much risk.