Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Dec. 31, 2023
Debt Securities [Abstract]  
As of December 31, 2023, and March 31, 2023, outstanding debt securities issued by the Group included the following:
December 31, 2023
March 31, 2023
Interest rate
Issue date
Maturity date
Freedom SPC bonds due 2028
200,407  — 
1-2 years: 12%
3-5 years: EFFR + 6.5%
December, 2023
December, 2028
Freedom SPC bonds due 2026
$ 64,482  $ 58,582  5.5%
October, 2021
 October, 2026
Accrued interest 1,421  1,443 
Total debt securities issued $ 266,310  $ 60,025 
As of December 31, 2023 and March 31, 2023, the Company’s outstanding debt securities had fixed annual coupon rates ranging from 5.5% to 12.0% and have maturity dates in October 2026 to December 2028, respectively.
The Group’s debt securities as of December 31, 2023, consist of $64,482 Freedom SPC bonds due 2026 and $200,407 Freedom SPC bonds due 2028. The Freedom SPC bonds are denominated in U.S. dollars and were issued under Astana International Financial Centre law and trade on the AIX. The Company is a guarantor of the Freedom SPC bonds.
The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and mature in October 2026. Interest payments are duly semi-annually in April and October. The proceeds from the issuance of such bonds were loaned to the Company pursuant to a loan agreement dated November 22, 2021. The loan has the same interest rate and maturity date as the bonds .
For the first two years of Freedom SPC bonds due 2028, the annual interest rate is 12%, and for subsequent years the interest rate will be fixed and set as the sum of Effective Federal Funds Rate (EFFR) as of 10 December 2025 and a margin of 6.5%. Interest is paid on a monthly basis. The bondholders have a right of early redemption after two years at nominal value plus accrued interest. After two years. the issuer has the option to redeem the bonds in full or in part at nominal value plus accrued interest. The proceeds of the bonds were loaned to the Company. Under the terms of the loan agreement, the applicable interest rate is 12.1% per annum for the first two years, and for subsequent years the interest rate will be set as the sum of the EFFR and a margin of 6.6% and the maturity date of the loan is the same as the bonds.
Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs.
The Group has no covenants to comply with in its debt securities.