Pune-based LoanTap Credit Products Pvt Ltd (LCPPL) said its members have unanimously approved a plan to raise up to Rs 75 crore via non-convertible debentures (NCDs) at the extraordinary general meeting held on July 19.
LCPPL is a fintech company that provides loans under three categories -- personal, special purpose and business loans.
In an exchange filing, LCPPL said its members have approved a proposal to issue, and to make offer(s) and/or invitation(s) to eligible persons to subscribe to unlisted, rated, unrated, fully secured, redeemable NCDs on a private placement basis, in one or more tranches, for a specified period up to Rs 75 crores only.
This is provided that the outstanding amounts of all such NCDs at any time during the period shall not exceed the borrowing limit of Rs 500 crore as approved by the members of the company at the Annual General Meeting held on October 14, 2020, per the filing.