This NBFC approves Rs 401.50 crore non-convertible debentures - Details

NBFC company Standard Capital Markets Ltd has informed exchanges that its board has approved non-convertible debentures (NCDs) in the form of a public issue to accumulate long-term capital appreciation. 

"Considered, approved the issuance of Secured, Unlisted, Unrated, Redeemable Non-convertible Debentures ("NCDs") having a face value of INR 10,00,000 (Indian Rupees Ten lakh) each, aggregating up to an amount of INR 4,01,50,00,000/- (Indian Rupees Four Hundred One Crores Fifty Lakhs Only) in one or more tranches on a Private Placement basis," the company said in an exchange filing.

As per the information available, the tenure of the issue is 84 months and/or March 31 2031 whichever is earlier while 31st March 2031 will serve as the date of maturity.

Earlier, Standard Capital was given permission by the BSE to issue bonus shares as well as stock split.

The company issued bonus shares in a 2:1 ratio and stock subdivision in a 10:1 ratio. It has fixed December 29, as the Record Date, for the stock split and bonus issue.

Non-convertible debentures or NCDs are fixed-income instruments for specific terms and interest rates without any security. NCDs are issued by big companies to raise funds from investors.