Vikran Engineering Limited Raises ₹50 crore Secured NCDs
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Vikran Engineering Limited raised ₹50 crore through secured NCDs at an 11% p.a. coupon, boosting liquidity but adding a hefty interest burden.
- Completed a private placement of ₹50 crore secured NCDs on 29 April 2026, split into ₹20 crore (allotted 24 Apr 2026, maturing 24 Apr 2028) and ₹30 crore (allotted 29 Apr 2026, maturing 29 Apr 2028).
- Fixed 11% coupon translates to ₹5.5 crore annual interest (₹2.2 crore for Tranche I + ₹3.3 crore for Tranche II), payable monthly.
- Cash inflow improves liquidity for expansion or refinancing, but the high rate and monthly payments raise cash‑flow pressure; the NCDs are unlisted, limiting secondary‑market liquidity.
- Both tranches mature in 2028, creating a lump‑sum principal repayment risk and likely increasing the debt‑to‑equity ratio.
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