Board approves raising up to Rs. 2,87,50,00,000 via subordinated Non-Convertible Debentures

Board met on 9 October 2026 and approved two items.

Fri 9 Oct 2026

NCD Issue Amount

not exceeding Rs. 2,87,50,00,000

Profit After Tax (Q2 FY2026)

4,305 lakh for the quarter ended 30 September 2026

Profit After Tax (H1 FY2026)

7,119 lakh for the half-year ended 30 September 2026

Board meeting outcome

The Board of Directors met on 9 October 2026, from 3.00 p.m. to 4.00 p.m. (IST), and approved two items, both set out in the same letter to the exchanges.

• Unaudited financial results for the quarter and half-year ended 30 September 2026. The results were reviewed and recommended by the Audit Committee and approved by the Board at their respective meetings held that day. M/s Brahmayya & Co. and M/s M Bhaskara Rao & Co., Chartered Accountants, the joint statutory auditors, issued a limited review report without any observations or remarks.
• Raising of funds, subject to receipt of necessary approvals as may be required, by issue of Non-Convertible Debentures in the nature of subordinated debt instruments, for an amount not exceeding ₹ 2,87,50,00,000 (Rupees Two Hundred Eighty Seven Crore and Fifty Lakh Only), in one or more series or tranches, on a private placement basis.

Reading the fund raise

• The Board approval is for an amount "not exceeding" the stated figure, and the update describes the raising as subject to receipt of necessary approvals as may be required.
• The instruments are Non-Convertible Debentures in the nature of subordinated debt instruments. A debenture is a debt instrument issued by a company; non-convertible means it does not convert into equity shares, and the update's own description places these instruments in the nature of subordinated debt.
• The issue is proposed on a private placement basis, that is, placed with investors rather than offered to the public, and in one or more series or tranches.
• IDBI Trusteeship Services Limited is marked in the letter as Debenture Trustee.

What the results show

• Profit after tax was 4,305 lakh for the quarter ended 30 September 2026 and 7,119 lakh for the half-year ended 30 September 2026, as stated in the results, which are presented in lakhs.
• The notes to the results state that income for the quarter ended 30 September 2026 is lower than in the quarter ended 30 June 2026 and the quarter ended 30 September 2025, and attribute this decrease to the mark-to-market impact on investments in equity markets within Unit Linked Funds.

How to read it

• The letter pairs a results disclosure for the September 2026 quarter with a Board approval to raise debt capital. The approval is described as the step taken now, with the issue to be made subject to receipt of necessary approvals as may be required.
• Since the instruments are non-convertible, the approval described does not involve issue of equity shares.
• The company has stated that the information is being hosted on its website.

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