UGRO Capital's panel approves ₹500-crore NCD issue via private placement

Non-bank lender UGRO Capital Ltd on Wednesday (December 17) said its Investment and Borrowing Committee has approved the issuance of listed, rated, senior, secured and unsecured, transferable, redeemable

non-convertible debentures aggregating up to ₹500 crore through a private placement.

The committee, at its meeting, cleared the base issue size of up to ₹200 crore, with an option to retain oversubscription of up to ₹300 crore under a green shoe option. The proposed issuance will be carried out in one or more tranches, subject to final terms being agreed with investors.

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The NCDs will be issued across four series. Each series will have a base issue size of up to ₹50 crore, with varying green shoe options. Series 1, Series 3 and Series 4 will carry a green shoe option of up to ₹150 crore each, while Series 2 will have a green shoe option of up to ₹50 crore. The debentures will be listed on the BSE.

Series 1, Series 2 and Series 4 are proposed to have a tentative tenure of 24 months, while Series 3 will have a tentative tenure of 13 months. The tentative date of allotment for all four series is December 24, 2025. Tentative maturity dates are December 24, 2027, for Series 1, Series 2 and Series 4, and January 24, 2027, for Series 3.

Series 1, Series 2 and Series 3 will be secured, while Series 4 will be unsecured. The interest on the debentures will be payable on a quarterly basis, with redemption at par on the respective maturity dates, subject to early redemption as per the terms of issuance. The coupon rate for Series 2 is tentatively set at 9.75%, while the coupon rates for the other series will be decided later.

Also Read: UGRO Capital to raise ₹300 crore via NCDs; retains ₹150 crore green shoe option

Shares of Ugro Capital Ltd ended at ₹171.20, down by ₹0.22, or 0.13%, on the BSE today, December 17.