Board approves NCD issuance up to Rs. 3,000 crore and USD-denominated notes up to USD 130 million
Board meeting held on 14th October, 2026 approved debt fund-raising proposals.
By ScoutQuest · · 3 min read
- NCD issuance approved
- not exceeding Rs. 3,000 Crore, on private placement basis, in one or more tranches
- USD-denominated notes approved
- up to USD 130 million, with an option to upsize by an additional USD 50 million
- NCD cancellation / retained approval
- NCD issuance of up to Rs. 600 Crore cancelled; NCD approval of up to Rs. 950 Crore remains unaffected
What the board approved
The board met on 14th October, 2026 and approved, among other things, two debt fund-raising proposals and a cancellation.
- Non-Convertible Debentures (NCDs): an enabling approval for issuance of NCDs for an amount not exceeding Rs. 3,000 Crore (Rupees Three Thousand Crore Only), in one or more tranches, on a private placement basis, subject to all applicable regulatory and statutory approvals.
- USD-denominated notes: approval for raising funds through USD-denominated senior secured floating rate or fixed rate notes and/or bonds, debentures or other debt securities, in one or more tranches, for an aggregate principal amount of up to USD 130 million (United States Dollar One Hundred and Thirty Million), with an option to upsize the issuance by an additional USD 50 million (United States Dollar Fifty Million), under Regulation S under the United States Securities Act of 1933, subject to receipt of all applicable regulatory and statutory approvals.
Cancellation of an earlier NCD plan
- The board approved and noted the cancellation of the proposed NCD issuance aggregating up to Rs. 600 Crore (Rupees Six Hundred Crore Only) on a private placement basis, which was approved at the board meeting held on 21st September, 2026, subject to applicable regulatory and statutory requirements.
- The approval for the issuance of NCDs aggregating up to Rs. 950 Crore (Rupees Nine Hundred and Fifty Crore Only) on a private placement basis, as approved at the meeting held on 21st September, 2026, shall remain unaffected.
Terms of the Rs. 3,000 Crore NCD programme (Annexure - A)
- Type of securities proposed to be issued: Non-Convertible Debentures
- Type of issuance: Private Placement
- Size of the issue: aggregate amount not exceeding Rs. 3,000 Crores (Rupees Three Thousand Crore Only), to be issued in one or more tranche/tranches through private placement
- Listing: the debentures to be issued will be listed on BSE Limited and/or National Stock Exchange of India Limited
- Number of securities, tenure, coupon/interest, security or charge and special rights attached to the instrument are to be determined by the Board or a Committee authorised by it
- Charge or security, if any: the debentures may be secured or unsecured as may be determined by the Board or Committee authorised by it at the time of issuance
- Delay in payment of interest or principal for more than three months from the due date, or default in payment: Not Applicable
- Details of any letter or comments regarding payment or non-payment of interest or principal on due dates: Not Applicable
Meeting details
The board meeting commenced at 02:00 P.M. (IST) and concluded at 03:40 P.M. (IST), and the outcome is also available on the company's website.
How to read this
Both fund-raising items are enabling approvals for debt issuance. For the USD notes, the details required under the disclosure rules will be provided upon further approval of the pricing, tenure and other terms and conditions of the proposed issuance by the Board or a Committee authorised by it. The cancellation removes one earlier NCD proposal while the approval for NCDs of up to Rs. 950 Crore stays in place. Investors can watch for the terms and pricing of the new issuances when these are finalised.
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More numbers
- Enabling approval for issuance of NCDs, amount not exceedingRs. 3,000 Crore
- Aggregate principal amount of USD-denominated notesUSD 130 million
- Option to upsize the USD issuance by an additionalUSD 50 million
- Cancellation of proposed NCD issuance aggregating up toRs. 600 Crore
- Earlier NCD approval that remains unaffectedRs. 950 Crore
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