Finkurve Financial Services approves Rs 50 crore NCD issue and senior appointments

What Finkurve Financial Services announced

On 25 June 2026, the Board of Directors of Finkurve Financial Services Ltd (BSE: 508954, NSE: FINKURVE) approved two distinct actions. First, it sanctioned a fund‑raising exercise through the issuance of non‑convertible debentures (NCDs) on a private‑placement basis, targeting a maximum aggregate of Rs 50 crore. Second, the Board appointed two senior executives – Mr Raju Bipinkumar Shah as Chief Risk Officer (CRO) and Mr Husain Mohammed Pittalwala as the company’s Compliance Head. The resolutions were communicated to the stock exchanges in a filing that complies with SEBI’s Regulation 30 and 51 of the Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

Details of the NCD issue

The NCD issue is structured as a private placement conducted through an Electronic Bidding Platform (EBP) under the SEBI (Issue and Listing of Non‑Convertible Securities) Regulations, 2021. The company plans to issue 5,000 debentures, each with a face value of Rs 1 lakh, at an issue price equal to the face value. This translates to a total issue size of Rs 50 crore (Rupees Fifty Crores only).

Key terms of the instrument are as follows:

• Coupon rate: 11.55% per annum, payable quarterly.
• Interest commencement: First interest payment scheduled for 28 September 2026, thereafter on a quarterly basis.
• Tenure: 33 months 19 days from the deemed date of allotment, with the date of allotment set for 29 June 2026 and maturity on 17 April 2029.
• Security: The debentures will be secured by a first‑ranking, exclusive and continuous charge over identified receivables, hypothecated in favour of the Debenture Trustee for the benefit of debenture holders.
• Listing: The NCDs will be listed on BSE Limited.
• Default provisions: In case of a delay of more than three months in interest or principal payment, an additional penalty of 2% per annum over the coupon rate will apply.

The Board also approved the draft Letter of Offer accompanying the issue, ensuring compliance with all relevant SEBI circulars dated July 2023 and the Master Circular issued on 30 January 2026.

Senior Management appointments

Pursuant to the recommendation of the Nomination & Remuneration Committee, the Board appointed two senior personnel as ‘Senior Management Personnel’ (SMP):

• Mr Raju Bipinkumar Shah (PAN: ALRPS0502M) – appointed as Chief Risk Officer (CRO). He brings over 21 years of experience in credit administration and risk management within the financial services sector.
• Mr Husain Mohammed Pittalwala (PAN: CWPPP6582D) – appointed as Compliance Head. His profile includes extensive work in regulatory compliance and risk oversight.

Both appointments were effective from the date of the Board meeting, 25 June 2026. The filing does not disclose any remuneration details or contract terms for the new officers.

Key facts at a glance

Why this matters for investors

The approved NCD issue provides Finkurve Financial Services with a significant debt capital infusion of up to Rs 50 crore, which can be deployed for expanding its lending portfolio, strengthening balance‑sheet liquidity, or funding strategic initiatives. Because the debentures are secured by receivables, the instrument carries a relatively lower risk profile for investors compared with unsecured debt, though the high coupon of 11.55% reflects the cost of borrowing.

Listing the NCDs on BSE enhances transparency and creates a secondary market for the securities, potentially improving price discovery and investor confidence. The quarterly interest schedule ensures regular cash‑flow to debenture holders, while the default penalty clause offers additional protection.

The appointment of a seasoned CRO and a dedicated Compliance Head signals a focus on risk governance and regulatory adherence, which are critical for a financial services firm operating in a highly regulated environment. Strengthened risk oversight may improve credit quality and reduce the likelihood of regulatory breaches, indirectly supporting the company’s long‑term stability.

Overall, the filing reflects a material corporate action that could affect the company’s capital structure, risk management framework, and operational oversight. However, the issuance does not dilute existing equity shareholders, as it is a debt instrument.

Conclusion

Finkurve Financial Services Ltd has cleared a private‑placement of Rs 50 crore in non‑convertible debentures, with a 11.55% coupon, quarterly interest, and a maturity in April 2029, secured by a first‑ranking charge on receivables. Simultaneously, the Board strengthened its senior management team by appointing a new Chief Risk Officer and Compliance Head. The actions are now recorded with BSE and NSE, and the NCDs will be listed on BSE, subject to completion of the placement and regulatory approvals.