CreditAccess Grameen allots ₹215 crore NCDs at 9.15% coupon
- CreditAccess Grameen allotted ₹215 crore in senior secured NCDs on October 1, 2026
- Coupon rate fixed at 9.15% per annum with quarterly interest payments
- Tenure of the instruments is 24 months, maturing on September 30, 2028
- Security provided via first ranking charge over book debts valued at 1.10x outstanding dues
- Penal interest of 2% p.a. applies in case of payment default
*this image is generated using AI for illustrative purposes only.
CreditAccess Grameen Limited allotted senior secured non-convertible debentures (NCDs) worth ₹215 crore on October 1, 2026. The allotment was executed on a private placement basis with a fixed coupon rate of 9.15% per annum.
The issue comprises 21,500 debentures with a face value of ₹1,00,000 each. These instruments are rated, listed, redeemable, and transferable. The company’s Executive, Borrowings & Investment Committee approved the allotment during its meeting held on the same date.
Instrument Details and Tenure
The NCDs have a tenure of 24 months from the deemed date of allotment. Interest is payable quarterly, while the principal amount will be redeemed on the final redemption date. The securities are proposed to be listed on the Wholesale Debt Market segment of BSE Limited.
| Particular | Details |
|---|---|
| Total Allotted Value | ₹215 crore |
| Number of Debentures | 21,500 |
| Face Value | ₹1,00,000 each |
| Coupon Rate | 9.15% p.a. (fixed) |
| Tenure | 24 months |
| Maturity Date | September 30, 2028 |
Security and Default Provisions
The debentures are secured by a first ranking exclusive and continuing charge over certain identified book debts and receivables of the company. This security is held by the debenture trustee. The value of these hypothecated assets must remain at least 1.10 times the outstanding principal and accrued interest throughout the tenure.
In the event of payment default, the company agrees to pay penal charges at 2% per annum over the interest rate. This penalty applies to the outstanding principal from the date of default until it is cured or the debentures are fully redeemed.
Subscription Outcome
The initial offer size was ₹275 crore, which included a green shoe option of up to ₹90 crore. The final allotment of ₹215 crore indicates that the green shoe option was not exercised for the remaining portion, or the subscription was capped at the base issue size plus partial exercise. The entire allotted amount was subscribed on a private placement basis.
No special rights or privileges were attached to these instruments beyond those outlined in the transaction documents. The redemption will occur on a pari passu basis.
Historical Stock Returns for Credit Access Grameen
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.59% | -8.20% | -10.97% | +6.99% | -8.44% | +94.67% |
How will the ₹215 crore capital infusion specifically impact CreditAccess Grameen's loan book growth targets for the next two fiscal years?
What is the expected trajectory of CreditAccess Grameen's net interest margin given the 9.15% cost of debt relative to its current asset yields?
How might the under-subscription of the green shoe option influence investor sentiment and pricing dynamics for the company's future debt issuances?
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