UGRO Capital Limited, a non-banking finance company (NBFC), has announced plans to issue non-convertible debentures (NCDs) worth up to Rs. 200.00 crore, marking a significant move to bolster its capital base. This announcement comes in the wake of an earlier Rs. 30.00 crore commercial paper issuance by the company.

Proposed Debenture Issue

The Investment and Borrowing Committee of UGRO Capital's Board of Directors approved the issuance of unsecured, rated, subordinated, listed, taxable, redeemable Non-Convertible Debentures on September 5, 2025. Key details of the proposed NCD issue include:

The company stated that this issuance is aimed at raising subordinated debt as Tier II capital to enhance its capital adequacy in line with the Reserve Bank of India's regulations for NBFCs.

Previous Commercial Paper Issuance

Prior to this announcement, UGRO Capital had successfully raised funds through a commercial paper issuance:

Implications for UGRO Capital

These financial moves demonstrate UGRO Capital's proactive approach to capital management and its efforts to diversify funding sources. The proposed NCD issuance, in particular, is expected to strengthen the company's capital structure and support its growth initiatives in the competitive NBFC sector.

Investors and market watchers will likely keep a close eye on UGRO Capital's financial strategies as it continues to navigate the dynamic landscape of non-banking financial services in India.

UGRO Capital , a prominent player in the non-banking financial sector, has recently made significant changes to its senior management team and announced plans for a substantial non-convertible debenture (NCD) issuance. These developments signal a new chapter for the company as it strengthens its leadership and capital base.

Leadership Overhaul

UGRO Capital implemented a series of high-level management changes:

• New CEO: Anuj Pandey, previously the Chief Risk Officer, has been elevated to the position of CEO. Pandey has also been designated as a Key Managerial Personnel.

• Chief Risk Officer: Irem Sayeed, formerly the Chief Credit Officer, has been promoted to Chief Risk Officer for a five-year term. Sayeed brings over 20 years of experience in financial services, having worked with notable institutions such as Mswipe Technologies, Magma Fincorp, Kotak Mahindra Bank, and GE Capital.

• Chief Revenue Officer: Sameer Nanda has been promoted from his previous role as Chief Collection and Litigation Officer. Nanda boasts more than 25 years of experience in the lending business, with stints at ABN AMRO Bank, ICICI Bank, and Religare.

• Chief Financial Officer: Shilpa Bhatter has been appointed as the new CFO. Bhatter is a Chartered Accountant with over 18 years of experience in the BFSI sector. In her previous role as CFO at Dvara Kshetriya Gramin Financial Services, she successfully mobilized over ₹4,000 crores in debt.

These appointments have led to the departure of two executives:

• Kishore Lodha has resigned as CFO.
• Amit Mande will continue as Chief Revenue Officer until August 8 to ensure a smooth transition.

Planned NCD Issuance

In addition to the leadership changes, UGRO Capital has announced plans for a significant capital raise through the issuance of Non-Convertible Debentures (NCDs). The Investment and Borrowing Committee of the Board of Directors approved this move. Key details of the proposed NCD issuance include:

The company stated that this issuance is aimed at raising subordinated debt as Tier II capital to enhance its capital adequacy, in line with the Reserve Bank of India's regulations for Non-Banking Financial Companies.

These strategic moves - both in terms of leadership restructuring and capital raising - demonstrate UGRO Capital's commitment to strengthening its position in the competitive non-banking financial sector. The infusion of experienced leadership and additional capital is likely to support the company's growth plans and operational capabilities in the coming years.