Toh hua yun ki, Shivam Autotech ne 4,500 aise debentures issue kiye hain jo listed nahi hain, secured hain, redeemable hain aur optionally convertible bhi hain. Total value ₹45 crore ki hai, aur har debenture ka face value ₹1,00,000 hai.
Ye loan banda 10% per annum interest par mila hai aur iska tenure 18 mahine tak ka hai. Investor, matlab Alpha Alternatives Structured Credit Opportunities Fund, isko 12 mahine tak toh pakad kar hi rakhega, Matlab lock-in period hai.
Ab ye jo paisa aaya hai na, isse company ki balance sheet par toh debt badhega hi. Waise bhi company thodi mushkil mein chal rahi thi, losses aur high debt-equity ratio dikh rahe the reports mein. Toh ye paisa liquidity manage karne aur operations chalane ke liye zaroori tha.
Ek aur cheez hai, ye debentures 'optionally convertible' hain. Matlab future mein agar company ke shares ke bhaav badh gaye toh ye investors apne debentures ko shares mein convert kar sakte hain. Isse existing shareholders ke liye thoda dilution ka risk hai.
Aur haan, 10% interest ka bojh bhi badhega, jo company ke liye pehle se hi ek concern tha kyunki unka interest coverage ratio tight chal raha tha.
Risks aur Aage Kya?
Sabse bada risk toh yehi hai ki interest ka bojh aur na badh jaaye, jabki company already profit kamane mein struggle kar rahi hai. Ye fundraising kitni successful hoti hai, yeh depend karega ki company ye paisa kaise use karti hai - working capital ke liye, loan chukane ke liye ya phir kisi growth plan ke liye.
Future Outlook
Investors ab dekhenge ki company ka debt-to-equity ratio, interest coverage ratio aur profit kaise sudharte hain. Ye paisa kaise use hua aur investor conversion karta hai ya nahi, ye sab future ke liye important hoga.