Financial services platform Stashfin on Wednesday said its parent company AKARA Capital Advisors has become the first fintech NBFC to offer Non-Convertible Debentures (NCDs) at a face value of Rs 10,000 on BSE, as it aims to raise Rs 100 crore through the bond issuance.
This offering follows a recent regulatory amendment by market regulator SEBI in July, which lowered the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000, enhancing financial inclusion and accessibility for retail investors across the country, it said.
"Through this bond issue, the company aims to raise Rs 100 crore over the next quarter. This milestone reflects Stashfin's role as the first fintech company to democratise investment opportunities for retail investors," Stashfin said in a release.
The first tranche, valued at Rs 6.5 crore and launched on the retail platform, was fully subscribed.
Commenting on the announcement, Tushar Agarwal, founder and CEO of Stashfin, said the move by SEBI is a game-changer for the financial markets, significantly lowering the entry barriers for retail investors and broadening the scope of participation in debt securities.
"As the first fintech NBFC to seize this opportunity, we view this as a pivotal moment in India's financial evolution, where access to secure and diversified investment options is becoming democratised," Agarwal said.
The regulatory development by SEBI aims to transform bond investments, thereby enhancing the accessibility and captivity for retail investors, Stashfin said.
Additionally, the market regulator has mandated a standardised record date of 15 days before any interest payment or redemption, ensuring transparency and consistency in the market.
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