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Transwarranty Finance approves allotment of NCDs worth Rs65 lakhs; Stock hits upper circuit

The Company had approached South Indian Bank for ceding a pari passu charge on movable assets in favour of the NCD holders and other banker.

January 05, 2022 9:17 IST | India Infoline News Service
Analysis Finance Market
Transwarranty Finance Limited Debenture Issue Committee of the Board of Directors of the Company has approved the allotment of Secured and Unsecured Redeemable Non-Convertible Debentures (NCDs) under Eighteenth Tranche/Series R/2021-22, amounting to Rs65 lakhs on a private placement basis. The unsecured NCDs are in the nature of the Subordinated Debt.

During early trade on Wednesday, Transwarranty Finance Ltd hit 5% upper circuit and was trading at Rs9.42 up Rs0.44 or 4.90% from its previous closing of Rs8.98 on the BSE.

“The principal amount of the Secured NCDs issued/ to be issued together with interest due on the Secured NCDs is secured by way of first ranking pari passu charge with the existing secured creditors on the movable assets, including book debts and receivables, cash and bank balances, loans and advances, both present and future of our Company equal to the value of one time of the Secured NCDs outstanding plus interest accrued thereon, as per the Debenture Trust Deed cum Deed of Hypothecation dated February 28, 2019,” ,” company said in a filing on Tuesday.

The company had approached South Indian Bank for ceding a pari passu charge on movable assets in favour of the NCD holders and other banker. No security will be created for Unsecured NCDs in the nature of Subordinated Debt.

Additional interest of 2% p.a. calculated for the period from the date on which any payment is due by the issuer until the date the payment is made.

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