IIRM Holdings Subsidiary Completes ₹65 Crore NCD Allotment to Kotak Fund
IIRM Holdings India Limited announced the completion of its subsidiary's ₹65 crore NCD allotment to Kotak Credit Opportunities Fund. The 6,500 debentures carry a 4-year tenure with attractive 15.50% IRR, featuring quarterly interest payments and comprehensive security structure including corporate and promoter guarantees.
*this image is generated using AI for illustrative purposes only.
IIRM Holdings India Limited has announced the successful completion of its subsidiary's Non-Convertible Debenture (NCD) allotment following the board approvals granted on March 28, 2026. The company's wholly-owned subsidiary, India Insure Risk Management and Insurance Broking Services Private Limited, has allotted NCDs worth ₹65 crores to Kotak Credit Opportunities Fund on March 30, 2026.
NCD Allotment Details
India Insure's board meeting held on March 30, 2026, approved the allotment of senior, unlisted, unrated, redeemable, secured NCDs to Kotak Credit Opportunities Fund. The debentures carry attractive financial terms with a blended internal rate of return (IRR) of 15.50% per annum.
| Parameter: | Details |
|---|---|
| Total NCDs Allotted: | 6,500 debentures |
| Face Value per NCD: | ₹1,00,000 |
| Total Issue Size: | ₹65,00,00,000 |
| Allotment Date: | March 30, 2026 |
| Maturity Date: | March 30, 2030 |
| Tenure: | 4 years |
Financial Structure and Returns
The NCDs offer a comprehensive return structure designed to provide attractive yields to the investor. The debentures feature multiple components including advance interest, regular cash coupons, and redemption premium.
| Component: | Rate/Details |
|---|---|
| Advance Interest: | 1% of aggregate NCD amount (upfront) |
| Cash Coupon: | 12.00% per annum (quarterly payments) |
| Blended IRR: | 15.50% per annum |
| Default Interest: | 4% per annum |
| Principal Repayment: | Quarterly from 5th quarter |
Security and Guarantees
The NCDs are secured through multiple layers of protection as previously approved by IIRM Holdings' board. The security structure includes second ranking charge over current and movable assets, first ranking charge over interest service reserve account, non-disposal undertaking over IIRM Holdings shares, and irrevocable guarantees from both the holding company and promoter Vurakaranam Ramakrishna.
Regulatory Compliance
The allotment was completed in accordance with Regulation 30 of SEBI Listing Regulations and SEBI Master Circular dated January 30, 2026. Company Secretary & Compliance Officer Pooja Gaur (M. No. F13333) digitally signed the regulatory filings, ensuring full transparency and compliance with stock exchange requirements for BSE Limited and The Calcutta Stock Exchange Limited.
Source: Company/INE670C01026/c28db676-80b4-4321-a132-d37ecd55b07a.pdf
Historical Stock Returns for IIRM
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.60% | +2.91% | -0.28% | +10.29% | +7.01% | +305.96% |
How will IIRM Holdings utilize the ₹65 crore proceeds from this NCD issuance to expand its insurance broking operations?
What impact might the 15.50% IRR commitment have on India Insure's profitability and cash flow over the next four years?
Could this successful NCD allotment signal IIRM Holdings' preparation for larger fundraising activities or potential IPO plans?
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
