Allotment of 80,000 Non-Convertible Debentures for an aggregate nominal value of Rs. 800 crore

The company allotted 80,000 subordinated, unsecured, rated, listed, redeemable non-convertible debentures on a private placement basis on October 12, 2026.

Mon 12 Oct 2026

Aggregate Nominal Value

Rs. 800 crore (Rupees Eight Hundred Crores)

Coupon Rate

8.57% p.a.; first coupon October 12, 2027 and annually thereafter

Maturity / Tenor

Original tenor 3651 days; maturity October 10, 2036

What has been allotted

The company has allotted 80,000 subordinated, unsecured, rated, listed, redeemable, non-convertible debentures on a private placement basis, in dematerialised form for cash, on October 12, 2026. Each debenture has a face value of Rs. 1,00,000, taking the aggregate nominal value to Rs. 800 crore (Rupees Eight Hundred Crores Only). The allotment was made to the identified investors, as stated in the update.

Because the debentures are described as subordinated and unsecured, they rank after the company's more senior obligations in the order of claims.

Key terms

• Coupon rate: 8.57% p.a., with the first coupon payable on October 12, 2027 and annually thereafter; the final coupon payment is to be made on October 10, 2036.
• Original tenor: 3651 days. Date of maturity/redemption: October 10, 2036.
• Redemption: NCDs will be redeemed at a redemption price of Rs. 1,00,000 per NCD on the date of maturity.
• Coupon payout per NCD is 8,570.0000 rupees on each annual coupon date up to 2035 and 8,523.1694 rupees for the final coupon due on October 10, 2036. Interest payments would be rounded off to the nearest rupee.
• Charge or security created over the assets: Not Applicable. Special rights or privileges attached to the instrument, and changes thereto: Nil.

How the issue size was structured

The annexure sets out a total of 50,000 subordinated, unsecured, rated, listed, redeemable, non-convertible debentures of face value Rs. 1,00,000 each having a base issue size of Rs. 500 crore (Indian Rupees Five Hundred Crores Only), with an option to retain oversubscription up to 1,00,000 such debentures of face value Rs. 1,00,000 each having a green shoe option of up to Rs. 1000,00,00,000 (Indian Rupees One Thousand Crores Only), collectively aggregating up to Rs. 1500,00,00,000 (Indian Rupees One Thousand Five Hundred Crores Only).

Where the debentures will be listed

The debentures are proposed to be listed on the Negotiated Trade Reporting Platform under the New Debt Market of the National Stock Exchange of India Limited.

If payments are delayed

In case of default in payment of the coupon rate and/or principal redemption on the due dates, additional interest of @ 2% p.a. over the coupon rate shall be payable by the company for the defaulting period.

What this means for a retail reader: the update records money raised by the company through debt, the interest it will pay on that debt, and the date on which the principal is due to be repaid.

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