Motilal Oswal Approves ₹900 Cr NCD Issue

Motilal Oswal Financial Services Ltd announced that its Finance Committee has approved the allotment of 90,000 Fully paid, Secured, Rated, Redeemable, Listed, Senior Bonds in the nature of Non-Convertible Debentures (NCDs). Each NCD has a face value of Rs. 1,00,000/-, aggregating to Rs. 900 Crore. The issuance is through private placement and the NCDs are proposed to be listed on the National Stock Exchange (NSE). The tenure of the instrument is 3 years and 25 days, with a maturity date of October 25, 2029. The NCDs are secured by a first-ranking, pari passu charge over the company's present and future receivables. The issue was fully subscribed at par/premium, with the company receiving a premium of Rs. 63,00,000/-.