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Principal Protected Market Linked Debentures

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What is Market Linked Debentures

Market Linked Debentures (MLDs) are being sold to individuals and gaining more credence recently.
The idea of a market-linked debenture is to have a “DEBENTURE” that gives you income linked to a DEBT MARKET index.

Features of MLD



No TDS on interest of MLD since MLDs are listed on BSE


10% Per Annum

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Credit Rating

IVR A-/Stable
by Acuité Ratings & Research Limited

Market Linked Debenture Issue Highlight

Opening and Closing Date


Face Value

Tranche Size

Mode of Issue

Minimum Application Value

Listing On

29th September 2022 to 3rd October 2022

20 Months from  the deemed date of allotment 

Rs.10 Lakhs per Debentures

Rs.50 Crores + Rs.50 Crores Greenshoe Option

Private placement in dematerialised form

1 MLDs and multiples of 1 MLDs thereafter

Bombay Stock Exchange (BSE)


MSFL – Principal Protected Non Convertible Market Linked Debenture – 20 MONTHS,  2022-23.

Listed, Unsecured, Redeemable, Market Linked Debentures.

The MLDs will be issued in DEMAT mode only and it is on Private Placement Basis.

Total issue size is Rs. 100.00 Crores. This will be issued in One tranche to a maximum of 200 investors in each Financial year.

The Face Value and Issue Price per MLD is Rs. 10.00 Lacs.

1 MLD (i.e. Rs. 10.00 lacs) and then an investor can apply in multiples of 1 MLD of Rs. 10.00 Lacs each.

10.50% p.a, Linked to 10 years GSEC. Payment will be made on completion of 20 months.

The MLDs will be issued for 20 months from the date of allotment.

Coupon Rate Plus Additional interest of at least @ 2% p.a. on the outstanding Principal amount.

No TDS on interest of MLD will be deducted by the issuer since MLDs are listed and in demat form. However, the interest income on MLDs will be taxable in the hands of investors.

It is listed on the BSE Exchange and investors can exit at any point of time.

Yes the debentures can be transferred off market by following Depository Participant’s processes.

Depending on the banks’ policies, generally, the banks allow Overdraft facilities against MLDs.

Following are eligible categories; 
1. Companies, Body Corporate, Financial Institutions, NBFCs, Statutory Corporations;
2. Commercial Banks and Regional Rural Banks;
3. Provident funds/ Superannuation funds or gratuity funds, private trusts, as may be permitted by respective rules and guidelines of such funds/ trusts;
4. Registered Society;
5. Partnership firms & LLPs;
6. Individuals and HUFs;
7. High Net worth Individuals;
8. Insurance Companies;
9. Mutual Funds;
10. Portfolio Manager registered with SEBI;
11. Any other investor permitted to invest in debentures of Indian body corporate

NOTE: No Identified Person shall be entitled to renounce his right to subscribe to the MLDs to any person. Only the person(s) to whom this Shelf Placement Memorandum and Tranche Placement Memorandum is circulated by the Company shall be eligible to apply for MLDs (“Identified Persons”).

IVR PP MLD A-/stable by Acute Rating Agency.

To fund the algo based arbitrage/jobbing business activities of the Company.


Yes. MITCON Trusteeship Services Limited is appointed as a debenture trustee.

No, the MLD holders do not have voting rights.

For more detail contact:

Mr. Mallikesh A.Vaishnav
Mobile : +919427266606/+919512046381

Mr. Krushnadas Gondaliya

Mobile : +919879016667

Ms. Madhuri Dholakiya

Mobile : +918780212022
Email :

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