CreditAccess Grameen allots NCDs worth ₹100 crore
CreditAccess Grameen has allotted 10,000 senior, secured, non-convertible debentures aggregating ₹100 crore on a private placement basis. Approved by its Executive, Borrowings & Investment Committee on June 12, 2026, the NCDs carry a coupon rate of 9.15% per annum, payable monthly, and mature on June 12, 2028. The issuance is secured by a first ranking charge on book debts and receivables, with a coverage requirement of 1.10 times the outstanding amount.
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CreditAccess Grameen has allotted 10,000 senior, secured, rated, listed, redeemable, transferable, taxable, non-convertible debentures (NCDs) on a private placement basis. The allotment was approved by the Executive, Borrowings & Investment Committee of the Board of Directors on June 12, 2026. The NCDs have a face value of ₹1,00,000 each, aggregating to a nominal value of ₹100 crore. The debt securities are proposed to be listed on the Wholesale Debt Market segment of BSE Limited.
The NCDs carry a coupon rate of 9.15% per annum, payable monthly. This rate is derived from the aggregate of the prevailing three-month marginal cost of funds based lending rate (MCLR) of the State Bank of India and a spread of 90 basis points. The principal amount is repayable on the maturity date, which is set for June 12, 2028, resulting in a tenure of 24 months from the deemed date of allotment.
The issuance is secured by way of a first ranking exclusive and continuing charge created in favour of the debenture trustee. The security is backed by certain identified book debts and receivables of the company. The value of these hypothecated assets must remain at least 1.10 times the value of the outstanding principal amounts along with accrued interest until the NCDs are fully redeemed.
In the event of a payment default, the company has agreed to pay penal charges at 2% per annum over the prevailing interest rate on the outstanding principal amounts. This penalty applies from the date of the default until the default is cured or the NCDs are fully redeemed, whichever is earlier. The debentures will be redeemed on a pari passu basis on the final redemption date.
Key Details of the Allotment
| Particulars | Details |
|---|---|
| Type of Instrument | Senior, secured, rated, listed, redeemable, transferable, taxable, non-convertible debentures |
| Total Allotment | 10,000 debentures |
| Aggregate Nominal Value | ₹100 crore |
| Face Value per Debenture | ₹1,00,000 |
| Coupon Rate | 9.15% per annum |
| Interest Payment Frequency | Monthly |
| Date of Allotment | June 12, 2026 |
| Date of Maturity | June 12, 2028 |
| Tenure | 24 months |
| Listing Segment | Wholesale Debt Market segment of BSE Limited |
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE741K01010/ea534f34cbac4eb2.pdf
Historical Stock Returns for Credit Access Grameen
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.47% | +2.87% | -11.51% | +2.59% | +7.25% | +81.35% |
How will the proceeds from this ₹100 crore issuance be deployed to support CreditAccess Grameen's lending growth?
What impact will the 9.15% coupon rate have on the company's net interest margins given current borrowing costs?
Does this successful private placement indicate a favorable market sentiment for the microfinance sector's debt instruments?
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