Poonawalla Fincorp's ₹1,500 crore NCDs issuance
Poonawalla Fincorp is gearing up to boost its finances by raising ₹1,600 crore via non-convertible debentures (NCDs).
Each NCD will be worth ₹1 lakh, and the plan has already been approved by the company's Finance Committee.
This move is all about strengthening their financial game and keeping things steady.
NCDs backed by hypothecated properties
The NCDs will come in two series of 80,000 each and are backed by hypothecated properties—which basically means investors get extra security for their money.
If there's a payment delay of more than three months, a 2% penalty interest kicks in to keep things fair.
They recently raised ₹808 crore through similar debentures
Not long ago, Poonawalla Fincorp (you might remember it as Magma Fincorp) raised ₹808 crore with similar debentures at a 7.70% rate.
It's clear they're on a mission to diversify where they get their funds from and keep building a solid financial base.