Cellecor Gadgets Shares Rally 5% As Board Okays Rs 10.20 Cr NCDs

Cellecor Gadgets' shares saw a rise of 5.08% from the previous close on Friday when they began at Rs 309.50 each on the NSE and surged to an intraday high of Rs 314.40. The spike in stock price occurred after the company's board of directors authorised employing NCDs to raise funds.

"Pursuant to provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we would like to inform you that the Board of Directors of Cellecor Gadgets Limited (Formerly Known as Unitel Info Limited and Unitel Info Private Limited) ("the Company") in its meeting held today i.e., Thursday, 18th January, 2024 at 09:00 A.M. and concluded at 09:30 A.M. at its Registered Office have inter alia, considered, approved and taken on record the issuance of Unlisted, Secured, Redeemable, Partly Paid, Non-Convertible Debentures (NCDs) under Private Placement basis up to Rs. 10,20,00,000 (Rupees Ten Crores and Twenty Lakhs only)," said Cellecor Gadgets in a stock exchange filing.

1020 NCD of Rs. 1,00,000/- each amounting to Rs. 10,20,00,000/- carries a coupon rate of 16% per annum, payable monthly. The date of the allotment of NCD is deemed to be held on 18.01.2024 while 13 months from the date of allotment serves as the date of maturity.

According to the company, 1.5% per annum, on all outstanding amounts (including interest in default), over and above the applicable Coupon Rate, which shall be applicable from the date of occurrence of the event of default till the date it is cured or the outstanding amounts are repaid in full by the issuer.

Cellecor Gadgets said last week that its trend-setting premium brand will be launching, aimed at enhancing lifestyle through cutting-edge technology. The company disclosed this information on Wednesday through an exchange filing. Once Cellecor Gadgets launches its flagship product line early in the upcoming fiscal year, it will be tailored to each individual customer's specific needs and preferences. Since it sees a lot of promise in these areas, the company is probably going to go into the smart TV, smartwatch, earbud, and smartphone markets.