INE0NES07352 | 12.20% | Keertana Finserv Limited

12.20%

YTM

₹10,045.43

Minimum investment

Monthly

Payout

16 Dec 2028

Maturity

11.70%

Coupon Rate

₹10,000

Face Value

Currently subscribed150 Units available

0% Sold

12.20% / +50 bpsYTM vs coupon

yield above stated coupon

100.2299 / 100.4543Clean / dirty price

Excluding / including accrued interest

About the Issuer

Keertana Finserv Limited is a new-generation, rural-focused financial institution committed to delivering inclusive credit solutions through innovative technology. It was established to bridge the credit gap for micro and small enterprises—segments often unserved by banks.

Debenture trustee: MITCON CREDENTIA TRUSTEESHIP SERVICES LIMITED
Issuance date: 16 Sep 2026

Why this bond?

Senior secured listed NCDs backed by security structure and trustee monitoring.
Investment carries an IND BBB+ Stable rating assigned by India Ratings.
Listed and transferable debentures offering transparency and liquidity benefits.
Issue size of up to ₹150 crore supports diversified funding requirements.

Monthly Interest PayoutPrincipal Paid Across Schedule

₹1,00,454.28Principal Invested

₹25,349.8Interest earned

₹1,25,349.8Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
16 Oct 2026	₹961.6	--
16 Nov 2026	₹993.7	--
16 Dec 2026	₹961.6	--
16 Jan 2027	₹993.7	--
16 Feb 2027	₹993.7	--
16 Mar 2027	₹897.5	--
16 Apr 2027	₹993.7	--
16 May 2027	₹961.6	--

Key Strengths

Scalable Franchise

Promoters have demonstrated a consistent track record of equity support, strengthening net worth and growth capacity.

Funding Diversity

Access to banks, financial institutions and capital markets has improved funding diversification and flexibility.

Industry Experience

The promoter brings extensive experience in retail lending and NBFC operations, supporting business expansion.

Key Risks

Profitability Pressure

Profitability remains sensitive to elevated credit costs, which may affect earnings and internal capital generation if sustained.

Geographic Expansion

Geographic diversification is increasing with scale, and execution across newer markets remains a key monitorable factor.

Growth Execution

Sustaining rapid portfolio growth while maintaining underwriting standards and asset quality remains important.

IND BBB+ StableSenior Secured Listed NCD₹150 Crore Issue

BBB+/ StableInitial Rating

Rating rationale summary

India Ratings assigned an IND BBB+ Stable rating to the proposed secured NCD issuance, indicating adequate capacity to meet financial commitments relative to peers.

Summary points

IND BBB+ Stable rating assigned by India Ratings.
Senior secured listed redeemable NCD structure.
Issue size of up to ₹150 crore including green shoe option.

Outlook implications

Stable outlook reflects expectations that business growth, capital support and funding access will continue while maintaining leverage within management's stated thresholds.

Implications for investors

The secured lending focus, promoter support and diversified funding profile provide credit support, while investors should monitor profitability and expansion execution.

Watch for: Monitor future rating actions, financial performance, asset quality trends and compliance with debenture obligations

Rating Drivers

Security package supports investors

Strong industry track record

Credit costs affecting earnings

Invest

Units

Trade & Settlement

Settlement date

23 Sep 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹10,045.43

Investment amount

₹1,00,454.28

Total Interest

₹25,349.8

Total Receivable

₹1,25,349.8

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Keertana Finserv Limited