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Publicly listed small business lending platform U GRO Capital has approved the issuance of up to 3,500 non-convertible debentures (NCDs) having a face value of Rs 1 lakh each and an aggregate face value of Rs 35 crore on a private placement basis. The tentative date of allotment is July 16, 2024.

The company also approved the issuance of up to 10,000 NCDs having a face value of Rs 1 lakh each and aggregating up to Rs 100 crore, including a green shoe option of up to 5,000 NCDs aggregating up to Rs 50 crore in dematerialised form. The tentative date of allotment is June 14.

Earlier this month, the company’s Board approved the acquisition of financial services platform MyShubhLife (MSL) for an enterprise value of Rs 45 crore in a cash and equity deal.

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“Our primary objective is to employ technology as a catalyst for offering contextual and innovative credit products to small-scale shopkeepers and distributors across the nation,” said Monish Anand, Founder and CEO, MyShubhLife.

MSL, the Bengaluru-based embedded finance platform, will now operate as a wholly-owned subsidiary of UGRO Capital.

In a regulatory filing filed with the BSE, UGRO also announced its Board had approved an equity capital raise of Rs 1,332 crore through compulsory convertible debentures. Samena Capital, one of the company’s existing private equity investors, committed Rs 500 crore through warrants, while UGRO’s founder, board members, and management team together committed Rs 16.25 crore through warrants.