Midland Microfin Limited

Midland Microfin Limited is an Indian company in the BFSI industry (formerly Sajan Hire Purchase Limited) with 17 outstanding bonds (ISINs) recorded on this page. Stated coupons on its fixed-rate bonds range from 10% to 13.75% a year. 2 are cumulative bonds, which pay no periodic coupon; their contractual return is payable at maturity. Maturity dates run from 19 Nov 2026 to 4 Apr 2036. NSDL records 11 of the 17 whose terms it holds as secured. Latest credit ratings on record: Acuite A- (Negative) (action dated 22 Jan 2026); India Ratings BBB (Stable) (action dated 26 Dec 2025); CARE BBB+ (Negative) (action dated 22 Dec 2025). Verify current terms against the official documents linked on this page.

Data as of 14 Nov 2026 (snapshot 20261114-2051) · How this page is compiled

Issuer overview

Legal name
Midland Microfin Limited
Formerly
Sajan Hire Purchase Limited
CIN
U65921PB1988PLC008430
LEI
3358002A96ME94WBAG39
Industry
BFSI
Business
Non-Banking Financial Company (NBFC)
Ownership
Non PSU
ISIN issuer code
INE884Q
Outstanding bonds (ISINs)
17 (plus 12 matured)
Stated coupons (fixed rate)
10% – 13.75%
Maturity dates
19 Nov 2026 – 4 Apr 2036
Secured (NSDL)
11 of 17
Combined issue size of outstanding bonds
₹629 crore
Traded on
BSE

Issue size is the amount each bond raised when it was issued, as recorded by NSDL. It is not the amount still outstanding today (bonds can be partly redeemed or bought back) and not the company's total debt.

Midland Microfin bonds: ISIN, coupon and maturity

17 outstanding bonds, by maturity date.

ISIN Type Coupon Interest paid Allotted Maturity Face value Issue size (₹ cr) Security Guarantee Traded on Rating (NSDL)
INE884Q07780 NCD 12% Quarterly 21 Aug 2025 19 Nov 2026 ₹10,000 50.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07632 NCD 12.45% Half-yearly 31 Mar 2022 31 Mar 2027 ₹10,00,000 18.70 Secured None recorded — India Ratings BBB 26 Dec 2025
INE884Q07806 NCD 12% Quarterly 20 Nov 2025 4 Apr 2027 ₹10,000 50.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07830 NCD Cumulative ≈11.98% a year At maturity ₹1,515 per ₹10,000 28 Jan 2026 28 Apr 2027 ₹10,000 50.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07764 NCD 10.75% Yearly 27 May 2025 27 May 2027 ₹1,00,000 50.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07822 NCD 11.7% Yearly 30 Dec 2025 30 Jun 2027 ₹1,00,000 50.00 Secured None recorded BSE CARE BBB+ 22 Dec 2025
INE884Q07863 NCD 12% At maturity 5 Jun 2026 5 Sep 2027 ₹10,000 50.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07798 NCD 10.75% Yearly 30 Sep 2025 30 Sep 2027 ₹1,00,000 100 Secured None recorded BSE Acuite A- 22 Jan 2026
INE884Q07814 NCD 10.75% Yearly 27 Nov 2025 27 Nov 2027 ₹1,00,000 50.00 Secured None recorded BSE Acuite A- 22 Jan 2026
INE884Q07848 NCD 11.9% Quarterly 30 Mar 2026 30 Apr 2028 ₹1,00,000 35.00 Secured None recorded — Acuite A- 22 Jan 2026
INE884Q07855 NCD 10.65% Yearly 1 Jun 2026 1 Jun 2028 ₹1,00,000 50.00 Secured None recorded BSE Acuite A- 22 Jan 2026
INE884Q08291 NCD 13.75% Yearly 12 Dec 2025 15 Dec 2028 ₹1,00,000 35.00 Unsecured None recorded — CARE BBB+ 22 Dec 2025
INE884Q08309 NCD Cumulative At maturity 18 Dec 2025 18 Dec 2030 ₹1,00,000 20.00 Unsecured None recorded — CARE BBB+ 22 Dec 2025
INE884Q08317 NCD 10% Quarterly 5 May 2026 4 Apr 2033 ₹1,00,000 1.40 Unsecured None recorded — Acuite A- 22 Jan 2026
INE884Q08333 NCD 10.5% At maturity 5 May 2026 4 Apr 2033 ₹1,00,000 3.30 Unsecured None recorded — Acuite A- 22 Jan 2026
INE884Q08341 NCD 10.75% Quarterly 5 May 2026 4 Apr 2036 ₹1,00,000 2.25 Unsecured None recorded — Acuite A- 22 Jan 2026
INE884Q08325 NCD 11.25% At maturity 5 May 2026 4 Apr 2036 ₹1,00,000 13.01 Unsecured None recorded — Acuite A- 22 Jan 2026
Notes on this table
  • Outstanding means the maturity date has not passed, according to the depository record. It does not confirm that a bond has not been redeemed early, called or bought back.
  • Type, coupon, interest frequency, allotment date, issue size, security and guarantee are as recorded by NSDL India Bond Info, the depository's record of each ISIN. Search an ISIN on NSDL India Bond Info to see its full record.
  • Cumulative bonds pay no periodic coupon; the contractual return is payable at maturity. The amount shown is that return per unit of face value, and the yearly rate is worked out from it and the allotment and maturity dates.
  • "Secured" and "Guarantee" are NSDL's classification. What the security is, the asset cover and the terms of any guarantee or co-obligor are in the offer document and the debenture trust deed; this page does not infer them.
  • Prices and yields are not shown. They change with every trade: see BSE and NSE.
  • Terms used in this table: ISIN · Coupon rate · Yield to maturity (YTM) · Secured NCD · Unsecured NCD · Cumulative NCD · Credit rating.

Midland Microfin credit rating

Latest rating by agency on the outstanding bonds (NSDL India Bond Info)
Agency Rating Outlook Latest action Action date Bonds Status
Acuite A- Negative Reaffirm 22 Jan 2026 13 Verified by NSDL · Checked 7 Nov 2026
India Ratings BBB Stable Reaffirm 26 Dec 2025 1 Verified by NSDL · Checked 7 Nov 2026
CARE BBB+ Negative New 22 Dec 2025 3 Verified by NSDL · Checked 7 Nov 2026
Rating history
Date Agency Rating Outlook Action
22 Jan 2026 Acuite A- Negative Reaffirm
8 Jan 2026 Acuite A- Negative Reaffirm
26 Dec 2025 India Ratings BBB Stable Reaffirm
22 Dec 2025 CARE BBB+ Negative New
1 Dec 2025 CARE BBB+ Negative New
1 Dec 2025 CARE BBB+ Stable New
23 Sep 2025 Acuite A- Negative Reaffirm
12 May 2025 Acuite A- Negative New
27 Dec 2024 India Ratings BBB Negative Reaffirm
20 Mar 2024 India Ratings BBB Positive Reaffirm
21 Mar 2023 India Ratings BBB Stable Reaffirm
22 Mar 2022 India Ratings BBB Stable New

Rating actions on the issuer's bonds as recorded by NSDL, newest first. Earlier lines are history, not the current rating.

A credit rating is the agency's opinion and can change at any time. Check the agency's website for the latest action: CARE, India Ratings, Acuite

Private placements and disclosure documents

Allotted ISIN Redemption Disclosure documents
5 Jun 2026 INE884Q07863 5 Sep 2027 Placement memorandum on BSE
1 Jun 2026 INE884Q07855 1 Jun 2028 Placement memorandum on BSE
5 May 2026 INE884Q08317 4 Apr 2033 Placement memorandum on BSE
5 May 2026 INE884Q08333 4 Apr 2033 Placement memorandum on BSE
5 May 2026 INE884Q08341 4 Apr 2036 Placement memorandum on BSE
5 May 2026 INE884Q08325 4 Apr 2036 Placement memorandum on BSE
30 Mar 2026 INE884Q07848 30 Apr 2028 Placement memorandum on BSE
17 Mar 2026 INE884Q07822 30 Jun 2027 Placement memorandum on BSE
24 Feb 2026 INE884Q07798 30 Sep 2027 Placement memorandum on BSE
28 Jan 2026 INE884Q07830 28 Apr 2027 Placement memorandum on BSE
30 Dec 2025 INE884Q07822 30 Jun 2027 Placement memorandum on BSE
18 Dec 2025 INE884Q08309 18 Dec 2030 Placement memorandum on BSE
12 Dec 2025 INE884Q08291 15 Dec 2028 Placement memorandum on BSE
27 Nov 2025 INE884Q07814 27 Nov 2027 Placement memorandum on BSE
20 Nov 2025 INE884Q07806 4 Apr 2027 Placement memorandum on BSE
30 Sep 2025 INE884Q07798 30 Sep 2027 Placement memorandum on BSE
21 Aug 2025 INE884Q07780 19 Nov 2026 Placement memorandum on BSE
13 Jun 2025 INE884Q07772 13 Sep 2026 Placement memorandum on BSE
27 May 2025 INE884Q07764 27 May 2027 Placement memorandum on BSE
14 May 2025 INE884Q07756 14 Aug 2026 Placement memorandum on BSE
19 Sep 2024 INE884Q07731 19 Mar 2026 Placement memorandum on BSE
27 Aug 2024 INE884Q07723 27 Aug 2026 Placement memorandum on BSE
2 Jul 2024 INE884Q07707 2 Jul 2026 Placement memorandum on BSE
2 May 2024 INE884Q07699 29 May 2026 Placement memorandum on BSE
30 Apr 2024 INE884Q07681 20 Sep 2025 Placement memorandum on BSE
1 Jul 2022 INE884Q07665 30 Jun 2024 Placement memorandum on BSE
23 May 2022 INE884Q07640 23 May 2026 Placement memorandum on BSE
31 Mar 2022 INE884Q07632 31 Mar 2027 Placement memorandum on BSE
24 Mar 2021 INE884Q07624 30 Sep 2022 Placement memorandum on BSE
18 Jan 2021 INE884Q07616 18 Jan 2024 Placement memorandum on BSE
26 Nov 2020 INE884Q07608 26 Nov 2023 Placement memorandum on BSE

From BSE's list of privately placed debt. The documents are the issuer's own; the offer document and debenture trust deed are the authoritative source for each bond's terms.

Midland Microfin bonds: questions and answers

What bonds has Midland Microfin Limited issued?

Midland Microfin Limited has 17 outstanding bonds recorded on this page. By type, as described by NSDL: 17 NCDs. 12 further ISINs on record have passed their maturity dates and are not counted as outstanding.

What are the ISINs of Midland Microfin Limited bonds?

Its 17 outstanding bonds each have their own ISIN, for example INE884Q07780, INE884Q07632, INE884Q07806. All are listed in the bond table on this page. ISINs of this issuer begin with its issuer code, INE884Q.

What coupon rates do Midland Microfin Limited bonds pay?

Stated coupons on its fixed-rate outstanding bonds range from 10% to 13.75% a year on face value. 2 cumulative bonds pay no periodic coupon; their contractual return is payable at maturity. The bond table gives the coupon and interest frequency of each ISIN. The coupon is not the yield: the yield an investor earns depends on the price paid.

When do Midland Microfin Limited bonds mature?

Its outstanding bonds have maturity dates from 19 Nov 2026 to 4 Apr 2036. The bond table lists the maturity date of each ISIN.

What is the latest credit rating of Midland Microfin Limited bonds?

NSDL India Bond Info records Acuite A- (Negative) (action dated 22 Jan 2026); India Ratings BBB (Stable) (action dated 26 Dec 2025); CARE BBB+ (Negative) (action dated 22 Dec 2025) on its outstanding bonds. Checked on NSDL on 7 Nov 2026. A rating is the agency's opinion and can change at any time.

Are Midland Microfin Limited bonds secured, unsecured or guaranteed?

NSDL records 11 of the 17 outstanding bonds whose terms it holds as secured and 6 as unsecured. None is recorded as guaranteed. What the security is, the asset cover and the terms of any guarantee or co-obligor are set out in the offer document and the debenture trust deed; this page does not infer them.

Is Midland Microfin Limited the same company as Sajan Hire Purchase Limited?

Yes. Midland Microfin Limited was formerly known as Sajan Hire Purchase Limited; bonds issued under the earlier name are obligations of the same company. Its Corporate Identification Number (CIN) is U65921PB1988PLC008430.

Where can investors find the original disclosure documents for Midland Microfin Limited bonds?

Each ISIN's record, including its terms and rating history, is on NSDL India Bond Info (search the ISIN). The offer document (shelf prospectus, tranche prospectus or general information document and key information document) and the debenture trust deed set out the full terms; listed issuers publish them on BSE or NSE. For the private placements listed on this page, each row links to the disclosure documents on BSE.

How can investors check the current market price or yield of Midland Microfin Limited bonds?

This page does not show prices or yields. Trades in these bonds are reported on BSE, which publish the price and yield of each trade, usually by the end of the trading day. Many corporate bonds trade rarely, so a recent price may not exist; an old trade is not a current price.

What is a cumulative bond?

A cumulative bond pays no periodic coupon. The contractual return builds up over its life and is payable with the face value at maturity, so this page shows the amount payable at maturity and the yearly rate it works out to, instead of a yearly coupon.

Sources and dates

Data as of 14 Nov 2026 (snapshot 20261114-2051). Facts on this page last changed on 5 Nov 2026. Rating dates above are the agencies' action dates, which can be much older than the data date. This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.

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Bond Interpretation is an information resource on Indian corporate bond issuers, published by Newsinterpretation. It covers the companies behind corporate bonds and non-convertible debentures (NCDs): their outstanding bonds with ISIN-level terms, credit ratings as recorded by the depository, private placements and public NCD issues. It brings together depository (NSDL India Bond Info), exchange (BSE and NSE) and company records, and shows the source and date of each fact. The pages are compiled automatically from those records. Bond Interpretation publishes no credit ratings, opinions or recommendations to buy, sell or hold of its own.

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