Share India Securities share price was locked in 20% upper circuit on Thursday’s session after the company’s finance committee approved a ₹50 crore issuance of Non-Convertible Debentures (NCD) through private placement. This move is anticipated to strengthen the company’s funding capabilities and support its ongoing business growth.
According to the company’s filing, Share India Securities has received approval from its board to issue a maximum of 5,000 secured, listed, rated, taxable, and redeemable non-convertible debentures (NCDs), each with a face value of ₹1,00,000, totaling ₹50 crore. These NCDs will carry an interest rate of 10.50% per annum, payable on a monthly basis, and will mature in 712 days from the date of deemed allotment.
The repayment of the principal will occur in quarterly installments, amounting to 12.5% of the face value. To facilitate better liquidity for investors, these NCDs will be listed on the BSE Wholesale Debt Market (WDM) segment.
This issuance will be backed by a security cover of 1.5 times, achieved through the hypothecation of Margin Trading Facility (MTF) receivables, trade securities, and other current assets. Additionally, the promoters will offer a personal guarantee to provide enhanced credit assurance for investors.
In case of default, the company has proposed an added coupon rate of 2% to be incurred until the outstanding amounts are settled.
Share India Securities share price today
Share India Securities share price today ended 20% higher at ₹179.20 apiece on the BSE, the stock touched an intraday low of ₹151 per share. Over the period of five years, Share India Securities share price has jumped over 800%.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Share India Securities share prices have witnessed strong traction in today’s session, locking up to the 20% circuit backed with heavy volumes. With this prices have breached above 89ema and is testing crucial 200dsma after a long time. Considering the momentum, prices can extend move towards 200 levels whereas 89 ema around 160 to act as immediate support.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
