UGRO Capital Limited - Public Issue Of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (Secured NCDs) Opens Today
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UGRO Capital Limited, an NBFC focused on MSME lending, today announced the issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs.1,000 each. The Issue has a base issue size of Rs.10,000 lakhs with an option to retain oversubscription up to Rs.10,000 lakhs, aggregating up to Rs. 20,000 lakhs. The Issue opens on Thursday, October 10, 2024 and closes on Wednesday, October 23, 2024 with an option of early closure subject to compliance with Regulation 33A of the SEBI NCS Regulations.
The NCDs are proposed to be listed on the Stock Exchanges and NSE is the Designated Stock Exchange for the Issue. The NCDs have been rated “IND A+/Stable” by India Ratings and Research Private Limited. Securities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations.
Tipsons Consultancy Services Private Limited is the sole lead manager to the issue and Link Intime India Private Limited is the Registrar to the Issue and MITCON Credentia Trusteeship Services Limited is the debenture trustee to the Issue.
This issue has tenor of 18 months, 24 months, and 30 months for secured NCDs. Effective yield (% per annum) for NCD holders in all Categories ranges from 10.64% to 10.91%. Redemption Amount (Rs./ NCD) on maturity for NCD holders in all Categories range is Rs.1000.
At least 75% of the Net proceeds of the Issue shall be utilized for the purpose of onward lending and financing business of the company in ordinary course of business (including for repayment / refinance of existing borrowings) and Not exceeding 25% shall be used for general corporate purposes.
As on March 31, 2024 its CRAR, in accordance with the Audited Financial Statements was at 20.75% and in accordance with the Audited Financial Results, for the three months period ended June 30, 2024 stood at 27.94%.
UGRO’s AUM has grown from Rs.2,96,890.60 lakh as on March 31, 2022 to Rs.9,04,705.74 lakh as at March 31, 2024. As of June 30, 2024, our AUM is at Rs.9,21,772.71 lakh. Across the offered products, as on June 30, 2024, the average ticket size stood at Rs.13.66 lakh and our average lending rate stood at 16.66% p.a.
The specified terms of the NCDs Issue are set out below:
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