In an exchange filing, Ugro Capital said, “The Investment and Borrowing Committee of the board of directors of the company has approved an issue of 2,000 senior, secured, rated, listed, redeemable, taxable, transferable non-convertible debentures, each bearing a face value of Rs 1 lakh aggregating up to Rs 20 crore, for cash, at par, in dematerialised form, on a private placement basis.”

The NBFC said that the NCDs will be issued at a coupon rate of 10% per annum.

The tentative allotment date for the NCD is 24 February 2023. The tenure of the instrument is 18 months from the date of allotment. Meanwhile, the tentative maturity date is 24 August 2024.

Ugro Capital is an MSME lending fintech platform. It uses the emerging data tripod of GST, banking and bureau coupled with its sectoral analysis to solve the problem of credit for small businesses.

The company net profit soared 287% to Rs 13.12 crore on 122.6% jump in total income to Rs 189.59 crore in Q3 FY23 over Q3 FY22.

Shares of Ugro Capital shed 0.19% to Rs 154.85 on the BSE.