Anupam Rasayan Allots ₹145 Crore Secured NCDs to Aditya Birla Capital at 10.25% Coupon

Anupam Rasayan India Ltd has issued ₹145 crore of secured non-convertible debentures to Aditya Birla Capital in a private placement transaction. 

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The transaction has been cleared by the company’s Executive Committee on September 21, subsequent to the approval from its Board of Directors on September 19. 

The issue consists of 14,500 senior secured, rated, unlisted and redeemable NCDs of a face value of ₹1 lakh each. 

The NCDs carry a coupon rate of 10.25% per annum with a tenure of 13 months from the date of allotment. The final date of maturity is October 21, 2027. 

There is something out of the ordinary about the repayment scheme in that the majority of the repayment is due almost immediately after allotment. Anupam Rasayan will pay ₹99,500 per NCD, inclusive of accrued interest, by October 21, 2026. The balance amount of ₹500 per NCD, along with accrued interest thereon, will be paid on October 21, 2027. 

The proceeds of the issue will be utilized for repayment of existing facilities, investment in group companies and for general corporate purposes. 

The issue is secured through a combination of pledged shares and a charge over specified account assets. 

A first-ranking pledge is proposed over certain identified shares of Anupam Rasayan held by Anand Sureshbhai Desai, Mona Anandbhai Desai, Shraddha Anand Desai and Rehash Industrial and Resins Chemicals Private Limited. Further disclosures on the share pledge will be made once the relevant agreement is executed. 

The company has also created a first-ranking charge by way of hypothecation over an escrow account maintained with Axis Bank and the assets held or credited in that account, including monies, securities, fixed deposits, instruments, investments and cash top-ups. 

CTL Trusteeship has been appointed as the debenture trustee for the issue. 

Under the debenture trust deed, the NCDs are direct, unconditional and secured obligations of Anupam Rasayan. In the event of default, an additional interest of 2% per annum over the coupon rate becomes payable on the outstanding debt. 

The trustee may also appoint a nominee director to the company’s board in certain default situations, including two consecutive coupon-payment defaults, failure to create the agreed security, failure to redeem the debentures or occurrence of another defined event of default. 

The trust deed permits issuance of up to 16,000 NCDs aggregating to ₹160 crore, although the September 21 allotment itself is limited to 14,500 NCDs worth ₹145 crore. 

The NCDs will remain unlisted. Anupam Rasayan has also clarified that its agreements with CTL Trusteeship are not related-party transactions.