Allotment of Rs 2,500 crore green NCDs across five series on private placement
Clean Max has allotted green debt securities (secured, rated, listed NCDs) on private placement, face value INR 1,00,000 each.
By ScoutQuest · · 2 min read
- Total NCD Issuance
- INR 2,500 crore across five series
- Series A Details
- INR 2,00,00,00,000, tenor 24 months, coupon 8.250%
- Series B Details
- INR 4,00,00,00,000, tenor 36 months, coupon 8.485%
- Series C Details
- INR 8,07,00,00,000, tenor 60 months, coupon 8.765%
- Series D & E Details
- INR 6,15,00,00,000 and INR 4,78,00,00,000, tenor 120 months, coupon 8.765%
What happened
The Stakeholders' Relationship Committee approved, by circulation on 28 September 2026, the allotment of green debt securities in the form of Senior, Secured, Rated, Listed Redeemable and Non-Convertible Debentures with a face value of INR 1,00,000 each, issued through private placement.
Series-wise details
- Series A: 20,000 NCDs, INR 2,00,00,00,000, tenor 24 months, coupon 8.250%, maturity 28 September 2028
- Series B: 40,000 NCDs, INR 4,00,00,00,000, tenor 36 months, coupon 8.485%, maturity 28 September 2029
- Series C: 80,700 NCDs, INR 8,07,00,00,000 plus securities premium of INR 1,02,000, tenor 60 months, coupon 8.765%, maturity 28 September 2031
- Series D: 61,500 NCDs, INR 6,15,00,00,000, tenor 120 months (annually amortizing from 5th year onwards), coupon 8.765%, maturity 28 September 2036
- Series E: 47,800 NCDs, INR 4,78,00,00,000 plus securities premium of INR 1,56,66,000, tenor 120 months (annually amortizing from 6th year onwards), coupon 8.765%, maturity 28 September 2036
Listing and payments
The NCDs are proposed to be listed on the Wholesale Debt Market segment of BSE Limited. Coupon or interest is payable on a quarterly basis, with redemption at face value as per the redemption schedule of each series.
Security backing the issue
The debentures are secured by a charge over certain project assets of the Issuer and certain specific subsidiaries/SPVs (excluding land), a non-disposal undertaking for immovable properties over those project assets, a charge over inter-corporate loans/NCDs/advances/unsecured loans/deposits infused by the Issuer in specific SPVs, pledge/charge over shares/capital infused in specific SPVs, charge over ISRA, charge over the escrow at the Issuer and bank accounts at specific SPVs, and cash reserves as required under the documents.
How to read it
This is debt raising, not equity issuance, so there is no dilution for shareholders. The company takes on fixed interest obligations at coupons between 8.250% and 8.765%, payable quarterly, with maturities spread from 2028 to 2036. "Green debt securities" indicates proceeds are linked to eligible green projects. The update records no delay or default in payment of interest or principal.
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More numbers
- Face value per NCDINR 1,00,000
- Series A NCDs20,000
- Series A sizeINR 2,00,00,00,000
- Series B NCDs40,000
- Series B sizeINR 4,00,00,00,000
- Series C NCDs80,700
- Series C sizeINR 8,07,00,00,000
- Series D sizeINR 6,15,00,00,000
- Series E sizeINR 4,78,00,00,000
- Series A coupon8.250%
- Series B coupon8.485%
- Series C/D/E coupon8.765%
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