Terms finalised for proposed USD 30,000,000 non-convertible bond issue; registrar appointed
The Management Committee approved the terms of a proposed private placement of up to 3,000 US Dollar denominated non-convertible bonds.
By ScoutQuest · · 2 min read
- Issue Size
- aggregate nominal value up to USD 30,000,000
- Coupon
- 240 basis points over 6 months CME Term SOFR, payable semi-annually
- Tenure
- 36 months
What the committee approved
The Management Committee of the Board, by Circular Resolution No. MC-04/2026-27 passed on October 19, 2026 at 12:10 p.m., approved the terms and conditions of the proposed issuance and allotment of US Dollar denominated non-convertible bonds, and approved the proposed appointment of a registrar and transfer agent for that issue. The resolution follows the Board meeting held on May 5, 2025 and the shareholders' approval at the Annual General Meeting held on September 22, 2026.
Key terms of the proposed bonds
- Instrument: senior, secured, rated, listed, redeemable, US Dollar denominated non-convertible bonds, issued on a private placement basis to certain identified investor(s).
- Number and size: up to 3,000 bonds of face value USD 10,000 each, aggregating up to USD 30,000,000. Bonds are to be issued at par, in dematerialised form.
- Coupon: 240 basis points plus the 6 months CME Term SOFR.
- Interest payment: coupon payable on a semi-annual basis.
- Tenure: maturity at the expiry of 36 months from the Deemed Date of Allotment. The Date of Allotment is to be set out in the transaction documents.
- Security: first ranking, pari-passu and continuing charge by way of hypothecation over certain identified receivables of the company.
- Listing: proposed on India International Exchange IFSC Ltd and/or NSE IFSC Ltd.
- Special rights: none. The rights of bond holders are to be set out in the subscription agreement and related transaction documents.
What happens if payment is delayed
If there is a payment default, an additional interest rate of 2% per annum above the interest rate on the outstanding principal is payable by the company. This applies where interest or principal is delayed by more than three months from the due date, or on default in payment.
Registrar appointment
India International Depository IFSC Ltd has been proposed as the registrar and transfer agent for the proposed bond issue. The appointment becomes effective from the date of execution of the RTA agreement, with a tentative execution date between October 19, 2026 and October 25, 2026.
How a reader can look at it
For a lender like this company, a bond issue is a way of raising borrowed money. The update sets out the cost of that borrowing — a floating coupon of 240 basis points over the 6 months CME Term SOFR, with a 36-month tenure — and shows that the borrowing is secured against certain identified receivables of the company. The bonds are proposed to be listed on IFSC exchanges. The document records the terms approved by the committee; the issue itself is described as proposed.
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More numbers
- Bonds proposed to be issuedup to 3,000 (Three Thousand)
- Face value per bondUSD 10,000 (United States Dollars Ten Thousand only)
- Aggregate nominal value of issueUSD 30,000,000/- (United States Dollars Thirty Million only)
- Coupon over 6 months CME Term SOFR240 (Two Hundred and Forty) basis points
- Tenure of instrument36 (Thirty-Six) months
- Additional interest on payment default2% (Two Percent) per annum
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