Clix Capital Looking For 10% Coupon In NCD

*New Private Placement*

Security Name: *10.40% Clix Capital 2025*

Issue Type: *Secured (Senior), Rated, Listed,  Non Convertible Debentures*

Rating: *A/Stable by CARE*

Coupon: *10.40% p.a. payable monthly*

Interest Payment Date: *12th of Every Month*

Redemption: Staggered 

*12 Sept 2024 - 25%*

*12 Dec 2024 - 25%*

*12 Mar 2025 - 25%*

*12 June 2025-25%*

*Allotment date:  12th June, 2023*

Face Value: *1 lakh*

Price: *99.5/-*

Yield: *11.25%*

*Limited Quantum available*

*Financial Covenants*

1. *Earnings after tax to be positive*. The following covenant will be checked on quarterly basis

2. *Total debt/Tangible net worth to be within 4x*

3. *Capital Adequacy ratio should be greater than 20%*

4. *Net NPA not to exceed 3%*

*Rating covenants*

1. *Step up of interest by 0.35% for every notch rating downgrade.* 

2. *Company / issue rating shall not be downgraded below A-*

*Management Covenants*

1. Mr. Pramod Bhasin (Founder and Chairman) and Mr. Anil Chawla (Founder and ex D.E. Shaw India head) shall continue to be on the Board of Directors of the Issuers. 

2. The existing promoter and *Promoter group including Apollo Global shall continue to hold minimum 51%*

*Optional Accelerated redemption in case of breach of any of the covenants*