Board approves NCD issue up to Rs. 38 crores; security change for Rs. 15 crore NCDs

Board meeting on Wednesday, 7th October, 2026 (01:30 p.m. to 02:10 p.m.).

Wed 7 Oct 2026

NCD Issue Size

Rs. 38 crores

Coupon

10.00% p.a.

Tenure

18-month tenure

Board approves two debt-related items

• A fresh issue of non-convertible debentures (NCDs) of up to Rs. 38 crores
• A change in the security for the Rs. 15 crore NCDs that are already allotted

The new NCD issue

• Up to 3,800 senior, secured, rated, listed, redeemable, taxable, transferable NCDs
• Face value Rs. 1,00,000/- (Rupees One Lac) each, aggregating up to Rs. 38 crores
• Issued on a private placement basis to all eligible investors
• Issue size: Rs. 38 crores, in one or more tranches as mutually agreed
• To be listed on the Wholesale Debt Market Segment of BSE Limited
• Coupon offered: 10.00% p.a., with interest paid quarterly
• Principal: bullet payment on maturity; tenure 18 months from the date of allotment
• Date of allotment 15th October, 2026 and date of maturity 15th April, 2028, both subject to the actual date of allotment
• Secured to the extent of 1.10x security cover

What backs the new NCDs

• A first ranking and exclusive charge by way of mortgage created by Dishman Infrastructure Limited (DIL) over its non-agriculture land at survey numbers 746, 2277 and 743, totalling 88,791 sq mtrs, at Mouje Gangad/Kalyangadh, Tal. Bavla, Dist. Ahmedabad
• An unconditional and irrevocable corporate guarantee from DIL, to the extent of the value of the mortgaged property, in favour of the Debenture Trustee
• An interest service reserve account: fixed deposits with a lien marked in favour of the Debenture Trustee, sufficient to meet coupon payment for the immediately next 3 months on the outstanding principal
• Such other security as may be mutually agreed

Change in security for the existing Rs. 15 crore NCDs:

• Tranche II of 1,500 senior, secured, rated, listed, redeemable, taxable, transferable NCDs of face value Rs. 1,00,000/- each, aggregating to Rs. 15 crore, allotted on September 28, 2026, scrip code 978230
• The Board approved a modification/amendment in security, along with execution of security documents and modification of other transaction documents
• Reason given: promoter entity DIL, which provided its land parcel as security for these NCDs, may require the land free from encumbrances for its commercial purpose
• The company will seek release of the mortgage over DIL's property and, in lieu, provide 100% cash margin in the form of an FD lien marked in favour of the Debenture Trustee; the update describes this as a better proposition since these are liquid assets
• The company will apply for prior approval to the stock exchange and will carry out the modifications after receiving that approval

Points to keep in mind

• The Rs. 38 crores is a fresh issue approved by the Board; the Rs. 15 crore tranche is an existing borrowing whose security is being changed
• On the new NCDs, the company will pay interest at 10.00% p.a. each quarter and repay the principal in one bullet payment at the end of 18 months
• The security change for the Rs. 15 crore NCDs is subject to prior stock exchange approval

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