157 | Annual Report | 2025-2026 Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2026 (cont’d) (All amounts in ₹ lakhs unless otherwise stated) Details of subordinated liabilities Particulars As at March 31, 2026 As at March 31, 2025 (a) Term loans (unsecured) - from banks - 5,057.33 - from financial institution 2,518.37 2,513.83 Subtotal 2,518.37 7,571.16 (b) Non-convertible debentures (unsecured) 12.85% Karvy Capital Limited (Face Value ₹10 each) 2,50,00,000 debentures, maturing in October 2026 2,493.35 - 13.65% Piramal Structured Credit Opportunity Fund (Face Value ₹100 lakhs) 200 debentures; maturing in June 2027 19,944.89 19,898.05 Subtotal 22,438.24 19,898.05 Total (a+b) 24,956.61 27,469.21 Note 20: Reconciliation of liabilities arising from financing activities The changes in the Company’s liabilities arising from financing activities can be classified as follows: Particulars Debt securities Borrowings (other than debt) Subordinated liabilities Total As on March 31, 2024 40,903.81 5,20,796.16 39,884.29 6,01,584.26 Cash flows: Proceeds - 10,63,152.37 - 10,63,152.37 Repayment (19,250.00) (11,66,622.91) - (11,85,872.91) Non cash: Amortisation of upfront fees and interest accrual (350.12) (8,255.08) 81.85 (8,523.35) As on March 31, 2025 21,303.69 4,09,070.54 39,966.14 4,70,340.37 Cash flows: Proceeds - 5,24,897.50 - 5,24,897.50 Repayment (5,200.00) (3,86,858.58) (15,000.00) (4,07,058.58) Non cash: Amortisation of upfront fees and interest accrual (91.12) 1,883.68 (9.53) 1,783.03 As on March 31, 2026 16,012.57 5,48,993.14 24,956.61 5,89,962.32 Note 19: Subordinated liabilities (cont’d)
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