Purple Finance Ltd Raises ₹5 Crore Via 12.50% NCDs

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AuthorAnanya Iyer|Published at:
Purple Finance Ltd Raises ₹5 Crore Via 12.50% NCDs
Overview

Purple Finance Limited has approved allotting ₹5 crore in Subordinated Non-Convertible Debentures (NCDs) to Mr. Sanjeev Prithviraj Kumar. The NCDs offer a 12.50% annual interest rate and mature in 61 months, providing essential funding for the NBFC's operations and growth.

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Purple Finance Completes ₹5 Crore NCD Placement

Purple Finance Limited's Finance Committee has approved the placement of ₹5.00 crore in Subordinated Non-Convertible Debentures (NCDs) carrying a 12.50% annual coupon rate.

Deal Details

The 500 Non-Convertible Debentures (NCDs), each with a face value of ₹1 lakh, were placed privately with Mr. Sanjeev Prithviraj Kumar. These Subordinated, Unsecured, Rated, and Listed debentures mature on May 6, 2031.

Strategic Funding

This issuance provides Purple Finance Ltd with crucial capital, bolstering its financial resources. As an NBFC, such debt instruments are vital for funding its lending and investment operations and supporting growth objectives.

NBFC Operations Context

Purple Finance Ltd operates as a Non-Banking Financial Company (NBFC), offering a range of financial services. Raising funds through NCDs is a standard practice for NBFCs to manage their capital requirements and expand their balance sheets.

Market Listing

Shareholders can expect the listing of these ₹5 crore NCDs on the BSE, increasing the company's listed debt instruments. The company now has a defined maturity date of May 06, 2031, for this tranche of debt.

Industry Practice

Peers like Shriram Finance Ltd and Cholamandalam Investment and Finance Company Ltd also regularly tap debt markets, including NCD issuances, to fund their extensive operations.

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