Allotment of 21,500 secured NCDs worth INR 215 crore at 9.15% on private placement basis

The Executive, Borrowings & Investment Committee approved allotment of 21,500 senior, secured, rated, listed NCDs of INR 1,00,000 face value each — aggregating INR 215,00,00,000 — on a private placement basis.

Thu 1 Oct 2026

NCD Allotment Quantity

21,500 senior, secured, rated, listed NCDs

Aggregate Nominal Value

INR 215,00,00,000

Coupon Rate

9.15% per annum fixed, paid quarterly

Tenure

24 months (October 01, 2026 to September 30, 2028)

Security

First ranking exclusive charge over book debts/receivables at least 1.10 times outstanding principal plus accrued interest

What was done

The Executive, Borrowings & Investment Committee of the Board, in its meeting on October 01, 2026, approved the allotment of 21,500 senior, secured, rated, listed, redeemable, transferable, taxable non-convertible debentures (NCDs) on a private placement basis.

• Face value: INR 1,00,000 each
• Aggregate nominal value allotted: INR 215,00,00,000
• Issue size: INR 215,00,00,000
• Total securities offered: 27,500 debentures of aggregate nominal value INR 275,00,00,000, including a green shoe option of up to 9,000 debentures (INR 90,00,00,000)

Terms

• Coupon: 9.15% per annum (fixed), payable quarterly, subject to any step up per the terms of the debenture trust deed
• Principal repayable on the Final Redemption Date
• Date of allotment: October 01, 2026; Date of maturity: September 30, 2028
• Tenure: 24 months from the deemed date of allotment
• Penal charges on a payment default: 2% per annum over the interest rate on outstanding principal

Security

The debentures are secured by a first ranking exclusive and continuing charge in favour of the debenture trustee, created through a deed of hypothecation over certain identified book debts/receivables. The value of these hypothecated assets must at all times be at least 1.10 times the outstanding principal plus accrued interest until full redemption.

Listing

The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE Limited.

How to read this

This is debt raising, not equity. Being non-convertible, these debentures do not turn into shares, so there is no dilution for existing shareholders. For a lender like CreditAccess Grameen, such borrowings fund the loan book; the 9.15% fixed coupon indicates the cost of these funds for the next 24 months. The company redeems the debentures on a pari passu basis on the final redemption date.

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