Alpex Solar to Raise INR 125 Crore Through NCDs

Solar module manufacturer Alpex Solar has approved a plan to raise up to INR 125 crore via a private placement of secured, unlisted non-convertible debentures to fund its ongoing business expansion.

December 22, 2025. By Mrinmoy Dey

Solar module manufacturer Alpex Solar has approved a fundraise of up to INR 125 crore through the issuance of secured, redeemable, unlisted and unrated non-convertible debentures (NCDs) on a private placement basis.

The proposed issue comprises up to 12,500 NCDs, each with a face value of INR 1 lakh, carrying a coupon rate of 14.75 percent per annum, payable on a monthly basis, the company said in a regulatory filing.

The debentures will have a tenure of 36 months from the date of allotment, with a principal moratorium of 18 months. Post-moratorium, 30 percent of the principal will be repaid in six equal monthly instalments, followed by repayment of the remaining 70 percent in 12 equal monthly instalments, the filing said.

The NCDs will be secured through a subservient mortgage on identified immovable properties of the company, along with additional subservient mortgages provided by promoters and a charge by way of hypothecation on specified movable assets. Personal guarantees will also be provided by key promoters, including Ashwani Sehgal and Monica Sehgal, it said.

The proceeds from the fundraise are expected to support the company’s ongoing business requirements as it continues to expand its presence across solar PV modules, solar cells, EPC services, solar pumps and aluminium frames, with manufacturing facilities spread across Uttar Pradesh and Madhya Pradesh.

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Investment & Trading

Alpex Solar

non convertible debentures

Alpex Solar fundraise

Funding solar manufacturing

Ashwani Sehgal

Monica Sehgal