Board approves NCDs up to Rs. 500 crore, China subsidiary, EVQ stake sale and two senior appointments
NCDs up to Rs. 500 Crores on private placement — 50,000 NCDs of Rs. 1,00,000 face value each.
By ScoutQuest · · 2 min read
- NCD Issuance Authorization
- Non-Convertible Debentures up to Rs. 500 Crores on private placement — 50,000 NCDs of Rs. 1,00,000 face value each
- China Subsidiary Investment
- Wholly owned subsidiary in China, investment up to USD 1 Million, 100% held
- EVQ Point Solutions Stake Sale
- Approved sale of 29.5% stake in EVQ Point Solutions held via Spark Minda Green Mobility
- Company Secretary Appointment
- Ms. Meenal Bansal appointed Company Secretary & Compliance Officer (KMP) effective 24.09.2026
- Chief Procurement Officer Appointment
- Mrs. Geetika Mishra appointed Chief Procurement Officer (Senior Management) effective 24.09.2026
What the Board approved
Minda Corporation Limited's Board met on September 24, 2026 and cleared five business items plus noted one compliance matter.
Fund raising
- Issuance of Non-Convertible Debentures aggregating up to Rs. 500 Crores, on a private placement basis, in one or more tranches.
- 50,000 NCDs of face value Rs. 1,00,000 each.
- Coupon, tenure, security, redemption and listing are to be specified in the key information document at the time of allotment.
- NCDs are debt, not equity, so there is no dilution for existing shareholders; the money is for various funding requirements from time to time.
New subsidiary in China
- A wholly owned subsidiary is proposed to be incorporated in China, in the automotive industry.
- Proposed investment up to USD 1 Million, in cash, subscribing to 100% of the initial paid-up share capital.
- Purpose: to explore new business opportunities, products, technologies and partnerships in China. Approval of the China Government is required.
Sale of investment in EVQ Point Solutions
- The Board approved the sale of the investment in EVQ Point Solutions Private Limited, held through Spark Minda Green Mobility Systems Private Limited, a wholly owned subsidiary.
- EVQ is a step-down associate in which the subsidiary holds a 29.5% equity stake.
- In the consolidated financial statement for FY 2025-26, share of profit includes Rs. 3,95,197 from this entity, so the earnings contribution is small.
- The consideration, buyer details and completion date will be intimated at the time of execution. It is not a related party transaction.
Management changes
- Ms. Meenal Bansal appointed Company Secretary & Compliance Officer, designated Key Managerial Personnel, with effect from 24.09.2026. She is a qualified Company Secretary and law graduate with over 15 years of experience, previously heading Company Secretarial and Compliances at STL Networks Ltd.
- Mrs. Geetika Mishra appointed Chief Procurement Officer, designated Senior Management Personnel, with effect from 24.09.2026. An engineering graduate from NIT Rourkela with over 25 years in strategic sourcing and supply chain, previously with Hero Honda, Maruti Suzuki and Motherson Sumi.
Penalty noted
- BSE issued a notice dated August 14, 2026 for a one-day delay in update the shareholding pattern for the quarter ended June 30, 2026, and imposed a penalty of Rs 2000 plus applicable taxes.
- The Board noted the update was made on time with NSE, called the BSE delay inadvertent and procedural without malafide intent, and advised management to ensure timely compliance. The fine has been paid within the prescribed timeline.
How to read it
The debenture approval is an enabling authorisation with terms still to be set. The China subsidiary is a small-ticket step to explore a new market. The EVQ exit involves a minority stake with a modest profit contribution. The penalty amount is very small. The Board meeting ran from 11:15 A.M. to 12:30 P.M.
Also from Minda Corporation
Share Subscription Agreement executed for proposed 26% equity stake in Agganga Private Limited
14 Oct 2026
Minda Corporation to acquire 26% of Sunsure Solarpark Sixteen for upto Rs. 57.75 lacs
12 Oct 2026
Subsidiary rights issue: 1.8 crore shares acquired for Rs. 18 crore at Rs. 10 face value
5 Oct 2026
More numbers
- NCD issue sizeRs. 500 Crores
- Number of NCDs50,000
- NCD face value eachRs. 1,00,000
- Proposed investment in China WOSUSD 1 Million
- Shareholding in China WOS100 %
- Equity stake held in EVQ Point Solutions29.5%
- Share of profit from EVQ in FY 2025-26 consolidated accountsRs. 3,95,197
- BSE penalty for delayed shareholding pattern updateRs 2000
- Delay in update shareholding pattern with BSEone day
- Experience of new Company Secretaryover 15 years
- Experience of new Chief Procurement Officerover 25 years
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