Borrowing limit raised to INR 2,000 Crore; board approves NCD issue of up to INR 400 crore

Borrowing limit enhanced from INR 1,000 Crore to INR 2,000 Crore.

Fri 9 Oct 2026

Borrowing Limit

enhanced from INR 1,000 Crore to INR 2,000 Crore

Section 186 Limit

enhanced up to INR 1,000 Crore

NCD Issue

up to 40,000 unsecured NCDs of INR 1,00,000 each, aggregating up to INR 400 crore

What the board approved

• Enhancement of the borrowing limits of the company from INR 1,000 Crore to INR 2,000 Crore under Section 180(1)(c) of the Companies Act, 2013.
• Enhancement of the limits under Section 186 of the Companies Act, 2013, up to INR 1,000 Crore for loans, guarantees, securities and investments.
• Constitution of an Investment Committee, and approval of its composition and terms of reference.
• Issue of up to 40,000 listed, rated and unsecured Non-Convertible Debentures of INR 1,00,000 each, aggregating up to INR 400 crore, along with all incidental and ancillary activities for the issue.

The postal ballot route

• The board approved the Postal Ballot Notice and the appointment of National Securities Depository Limited (NSDL) as the remote e-voting agency.
• M/s. Viral Sanghvi & Associates, Practicing Company Secretaries, was appointed as the Scrutinizer for the Postal Ballot process.

Reading the numbers

• A borrowing limit is a ceiling, not a borrowing. Raising it from INR 1,000 Crore to INR 2,000 Crore widens the maximum amount the company is permitted to borrow; it is not by itself money raised.
• The same applies to the Section 186 limit of up to INR 1,000 Crore, which sets the outer bound for loans, guarantees, securities and investments.
• The debenture proposal is for up to 40,000 NCDs of face value INR 1,00,000 each, which adds up to up to INR 400 crore. The update describes them as listed, rated and unsecured — unsecured meaning they are not backed by a charge on the company's assets.

How this can be seen

• A higher borrowing ceiling and a proposed debenture issue of up to INR 400 crore can be read as the company preparing room for funding. Whether that is seen as growth-related or as a rise in leverage depends on how the funds are eventually used and on the terms of the issue.
• The formation of an Investment Committee, with its own terms of reference, points to a formal structure for evaluating investments.
• The postal ballot and e-voting arrangements indicate the resolutions are being put to shareholders through the postal ballot process.

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