Manba Finance raises Rs 90 crore in secured debt to fuel lending
What's the deal? Manba FinanceDealroom has a profile for this one. Try Dealroom →, an Indian non-banking financial company (NBFC), has raised Rs 90 crore ($10.8 million) through a private placement of secured, listed non-convertible debentures (NCDs). The company's finance committee approved the allotment of 9,000 NCDs on August 24, 2026, each with a face value of Rs 1,00,000.
The terms: The NCDs carry a coupon of 10.60% per annum, payable quarterly along with the principal. They mature on November 28, 2028 — a tenure of roughly 27 months — and are backed by a 1.1x security cover on identified receivables.
What's the endgame? The capital will fold into Manba's financing structure to support its lending portfolio. For NBFCs, raising debt through NCDs is a routine way to manage liquidity and fund growth.
What could go wrong? NCD holders face the risk of delayed payments. A penal interest of 2.00% over the coupon applies if payments slip more than three months, while the asset-backed security offers some protection.
The signal: The raise marks a quick return to debt markets — a pattern common among NBFCs that repeatedly tap NCDs to balance asset-liability mismatches and fund expansion. Investors will watch whether Manba can service the debt consistently and deploy the funds into portfolio growth.
Read more: whalesbook.com
Image credit: Generated with Gemini
