Manappuram Finance and IIFL Finance on Friday said the Financial Resource Committee of their board of directors have approved the allotment of secured redeemable non-convertible debentures (NCDs) to raise ₹100 crore each on private placement basis.
The non-banking finance companies, in their respective stock exchange filings said, the NCDs will have a face value of ₹10 lakh. Manappurm Finance said its three-year NCDs carry a coupon rate of 9 per cent and will be listed on BSE. IIFL Finance said its three-year NCDs carry a coupon rate of 9 per cent and will be listed on the NSE. The company added that its NCDs are one-time secured by way of first paripassu charge on the mortgaged properties and charge over the receivables.