Board approves NCDs up to Rs. 500 crore, China subsidiary, stake sale and new Company Secretary
Board meeting outcome covering several decisions.
By ScoutQuest · · 2 min read
- NCD Raising Approval
- Rs. 500 Crore via Non-Convertible Debentures, 50,000 NCDs of face value Rs. 1,00,000 each
- China Subsidiary Investment
- USD 1 Million proposed investment, 100% stake, wholly owned subsidiary in automotive industry
- EVQ Point Solutions Stake
- 29.5% equity stake held through WOS, FY 2025-26 share of profit Rs. 3,95,197
- Company Secretary Appointment
- Ms. Meenal Bansal appointed Company Secretary & Compliance Officer, effective 24th September 2026
- Compliance Penalty
- Rs. 2000 penalty from BSE for one day delay in shareholding pattern update, paid within timeline
What the Board decided
The Board met on September 24, 2026 (11:15 A.M. to 12:30 P.M.) and approved a set of items covering fund raising, an overseas subsidiary, an investment sale and senior appointments.
Debenture issue
- Approval to raise up to Rs. 500 Crore through Non-Convertible Debentures on a private placement basis, in one or more tranches, for various funding requirements.
- The issue comprises 50,000 Non-Convertible Debentures of face value Rs. 1,00,000 each.
- Coupon, tenure, security and listing details are to be specified in the key information document or finalised at the time of allotment.
NCDs are debt instruments, so this represents borrowing rather than dilution of shareholders.
New subsidiary in China
- A wholly owned subsidiary is proposed to be incorporated in China in the automotive industry, to explore new business opportunities, products, technologies and partnerships.
- Proposed investment of up to USD 1 Million in cash, subscribing to 100 % of the initial paid-up share capital.
- Incorporation requires China Government approval.
Sale of investment in EVQ Point Solutions
- The Board approved 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 WOS holds a 29.5% equity stake.
- In the consolidated financial statements for FY 2025-26, share of profit includes Rs. 3,95,197 from this entity — a small contribution relative to group scale.
- Consideration, sale agreement date, completion date and buyer details are to be intimated when finalised. The transaction is not a related party transaction.
Senior appointments
- Ms. Meenal Bansal appointed Company Secretary & Compliance Officer, designated Key Managerial Personnel, with effect from 24th September 2026.
- Mrs. Geetika Mishra appointed Chief Procurement Officer, designated Senior Managerial Personnel, with effect from 24th September 2026.
- Both appointments were on the recommendation of the Nomination & Remuneration Committee.
Penalty for delayed update
- BSE issued a notice dated August 14, 2026 for non-compliance with Regulation 31 for a one day delay in update the shareholding pattern for the quarter ended June 30, 2026, imposing a penalty of Rs 2000 plus applicable taxes.
- The Board noted the update was made within timelines with NSE and that the delay at BSE was inadvertent and procedural, without malafide or wilful intention, and advised management to ensure timely compliance in future.
- The fine has been paid within the prescribed timeline.
How to read it
The debenture approval is an enabling step for future fund raising; the terms and the actual amounts raised will emerge tranche by tranche. The China subsidiary is an exploratory investment of modest size. The EVQ stake sale involves an associate whose profit contribution to the consolidated accounts was small. The penalty is a minor monetary amount but is a compliance lapse the Board has recorded.
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 Crore
- Number of NCDs50,000 Non-Convertible Debentures
- Face value per NCDRs. 1,00,000
- Proposed investment in China WOSUSD 1 Million
- Shareholding in China WOS100 %
- Stake held in EVQ Point Solutions29.5%
- Share of profit from EVQ in FY 2025-26 consolidated accountsRs. 3,95,197
- BSE penaltyRs 2000 plus applicable taxes
- Delay in shareholding pattern update with BSEone day delay
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