IIRM Holdings India Ltd Subsidiary, India Insure, Allots Non-Convertible Debentures Worth INR 65 Crores

IIRM Holdings India Ltd announced that its wholly-owned subsidiary, India Insure Risk Management and Insurance Broking Services Private Limited, has approved the allotment of 6,500 senior, unlisted, unrated, redeemable, secured, non-convertible debentures. The total nominal value of these debentures is INR 65,00,00,000 (Indian Rupees Sixty-Five Crores Only). The debentures have been allotted to Kotak Credit Opportunities Fund on a private placement basis. The tenor of the instrument is 4 years from the deemed date of allotment, with a coupon/interest offered of 1% of the aggregate NCD amount to be paid upfront, plus a cash coupon of 12.00% per annum payable quarterly at the end of the quarter. The redemption premium is determined to achieve an overall blended IRR of 15.50% p.a.