Avaada Ventures is planning a multi-part debt raise to refinance existing liabilities and meet corporate requirements. The fundraising comprises up to Rs 35.15 billion through rupee-denominated non-convertible debentures (NCDs) and up to $398 million through an external commercial borrowing (ECB).
The NCD issue will comprise Rs 32.4 billion of Series A debentures and Rs 2.75 billion of Series B debentures. Both series will carry a fixed coupon of 11.75 per cent and mature in around three years. The issue is scheduled for September 17, 2026. The ECB is proposed to be structured as a senior secured facility and may be raised in one or more tranches.