Capri Global Capital Limited (CGCL) has announced a new public issue of secured, redeemable Non-Convertible Debentures (NCDs) worth ₹ 200 crore, with an option to retain oversubscription of up to ₹ 200 crore. The issue opens on September 30, 2025 and closes on October 14, 2025 (with an option for early closure). These NCDs come with four tenure options, offering coupon rates of up to 9.70% per annum. With strong credit ratings of ‘AA Positive’ by Infomerics and ‘AA Stable’ by Acuite, this issue has already attracted attention from investors seeking fixed income opportunities. In this article we would expore Capiri Global Capital NCD Details, Credit Ratings, Interest Rates, Positive Factors, Risk Factors and do a complete review.
About Capri Global Capital Limited
Capri Global Capital Limited, incorporated in 1994, is a non-deposit-taking, systemically important NBFC (NBFC-ICC). The company focuses on MSME loans secured against property, construction finance, housing finance, and gold loans. Its subsidiary, Capri Global Housing Finance Limited, is a 100% owned entity engaged in the home loan business.
As of June 30, 2025, CGCL reported Assets Under Management (AUM) of ₹ 24,592.8 crore, with strong presence across retail lending segments. The promoter and promoter group hold about 59.95% in the company, with Mr. Rajesh Sharma as Managing Director. CGCL is listed on both BSE and NSE.
NCD Issue Details
- Issuer: Capri Global Capital Limited
- Issue Size: ₹ 400 crore (including ₹ 200 crore greenshoe option)
- Issue Opens: September 30, 2025
- Issue Closes: October 14, 2025 (early closure possible)
- Face Value: ₹ 1,000 per NCD
- Minimum Application: 10 NCDs (₹ 10,000)
- Tenures: 18, 36, 60, and 120 months
- Listing: BSE
- Depositories: NSDL and CDSL
- Lead Manager: Trust Investment Advisors Pvt Ltd
Interest Rates / Coupon Rates
The company is offering attractive interest rates ranging from 8.55% to 9.70% depending on the chosen tenure and option (annual or cumulative). Longer tenure options carry the higher coupon rates.
Below are the coupon rates and effective yields as per the prospectus:
| Series | Tenure | Frequency | Coupon Rate (p.a.) | Effective Yield (p.a.) |
|---|---|---|---|---|
| I | 18 months | Monthly | 8.55% | 8.89% |
| II | 18 months | Annual | 8.90% | 8.96% |
| III | 36 months | Monthly | 8.90% | 9.27% |
| IV | 36 months | Annual | 9.25% | 9.24% |
| V | 60 months | Annual | 9.45% | 9.44% |
| VI | 120 months | Annual | 9.70% | 9.69% |
Sample Payout Illustration
If an investor invests ₹1,00,000 in each series, the returns would approximately be:
| Series | Tenure | Frequency | Coupon Rate |
Approx. Annual Interest / Maturity Value |
|---|---|---|---|---|
| I | 18 months | Monthly | 8.55% | ~₹8,550 per year, paid monthly |
| II | 18 months | Annual | 8.90% | ~₹8,900 per year, paid annually |
| III | 36 months | Monthly | 8.90% | ~₹8,900 per year, paid monthly (₹26,700 over 3 years) |
| IV | 36 months | Annual | 9.25% | ~₹9,250 per year, paid annually (₹27,750 over 3 years) |
| V | 60 months | Annual | 9.45% | ~₹9,450 per year, paid annually (₹47,250 over 5 years) |
| VI | 120 months | Annual | 9.70% | ~₹9,700 per year, paid annually (₹97,000 over 10 years) |
Illustration is for indicative purposes only. Actual returns depend on chosen option, taxation, and compounding, if any
Credit Ratings
- Infomerics Valuation and Rating: AA (Positive)
- Acuite Ratings & Research: AA (Stable)
These ratings indicate a high degree of safety regarding timely servicing of financial obligations and very low credit risk.
Objects of the Issue
As per the prospectus, the company intends to utilize 75% of the net proceeds towards:
- Onward lending and financing activities
- Repayment of interest and principal of existing borrowings
The remaining 25% will be used for general corporate purposes .
Company Financials
As per the latest financial data :
- Total Income: ₹ 1,005 crore (Q1 FY26) vs ₹ 3,250 crore (FY25)
- PAT: ₹ 174.9 crore (Q1 FY26) vs ₹ 478.5 crore (FY25)
- Net NPA: 0.89% (FY25)
The company has been consistently improving its profitability and AUM while maintaining healthy asset quality.
Why to Invest in Capri Global NCDs
- Attractive coupon rates of up to 9.70%.
- Strong credit rating of AA, indicating low default risk.
- Diversified business model with presence in MSME, housing, gold, and construction finance.
- Listed NCDs provide liquidity through BSE.
- Company has maintained healthy asset quality and strong capital adequacy.
Why Not to Invest
- Being an NBFC, the company is exposed to risks of rising NPAs, especially from MSME and construction finance portfolios.
- Longer tenure NCDs (up to 10 years) carry higher interest rate risk in case of future rate hikes.
- Credit ratings, though strong, are still below AAA.
- Investors must consider tax implications, as interest from NCDs is fully taxable.
- Investors need to check all risk factors indicated in the NCD prospectus filed with SEBI.
How to Apply
Investors can apply for Capri Global Capital NCDs through:
- Online platforms of brokers (Zerodha, Upstox, ICICI Direct, HDFC Securities, etc.)
- Physical application forms via designated collection centers.
- Ensure PAN, Demat account, and KYC compliance before applying. The NCDs will be credited in demat form only.
Conclusion – Invest or Avoid?
Capri Global Capital NCD Sep 2025 issue offers attractive interest rates up to 9.70%, backed by AA credit ratings. The company has a growing loan book, strong AUM growth, and improved profitability, making this issue appealing for investors looking for stable fixed income options. However, being an NBFC with exposure to MSME and construction finance, risks of asset quality deterioration exist.
Suitable for investors with moderate risk appetite, who are looking for higher returns than bank FDs. Conservative investors may prefer AAA-rated issues for higher safety.
FAQs
1. What is the issue size of Capri Global Capital NCD Sep 2025?
The issue size is ₹ 400 crore, including a ₹ 200 crore greenshoe option.
2. What is the highest interest rate offered in this NCD issue?
The highest coupon rate offered is 9.70% per annum.
3. What are the available tenures in this issue?
The tenures are 18, 36, 60, and 120 months.
4. What are the credit ratings for this NCD issue?
The issue is rated AA (Positive) by Infomerics and AA (Stable) by Acuite Ratings.
5. How will the company use the proceeds from the issue?
About 75% will go towards onward lending and repayment of borrowings, and the rest for general corporate purposes.
6. Where will these NCDs be listed?
They will be listed on BSE for trading.
7. Is the interest from these NCDs taxable?
Yes, interest income from NCDs is fully taxable as per the investor’s tax slab.
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