Board approves leadership succession, NCDs, SBI term loan and commercial paper fundraise

Leadership: Mr. Dalip Sehgal's resignation as Executive Director & CEO (Key Managerial Personnel), effective close of business hours on December 31, 2026; Mr. Siddharth Nawal appointed Managing Director & CEO Designate from October 12.

Mon 12 Oct 2026

CEO resignation effective date

close of business hours on December 31, 2026

NCD approval

up to INR 750 Crores

Term Loan from SBI

INR 1080 Crores (overdraft sub-limit up to INR 100 Crores)

The board of Nexus Select Mall Management Private Limited, the Manager to Nexus Select Trust, met on October 12, 2026 from 11.15 Hrs IST to 11.40 Hrs IST and approved a leadership transition and three fund-raising proposals.

Leadership: a planned succession

• The board approved the resignation of Mr. Dalip Sehgal from his position as Executive Director & Chief Executive Officer (Key Managerial Personnel) of the Company, effective from the close of business hours on December 31, 2026. He continues to discharge his responsibilities up to that date, per the accepted resignation letter.
• The board approved the appointment of Mr. Siddharth Nawal as Managing Director & Chief Executive Officer Designate with effect from October 12, 2026. He is currently serving as a Non-Executive Non-Independent Director and has been appointed as Managing Director for a period of five consecutive years.
• Upon expiry of the transition period, he shall be the Managing Director & Chief Executive Officer (Key Managerial Personnel) with effect from January 1, 2027.
• The enclosed profile describes Mr. Nawal as currently associated with the real estate business of The Blackstone Group, based in Mumbai, with prior finance and strategy roles at PwC, Shell and Trans Maldivian Airways, and as a Chartered Accountant and CFA Charter holder.

Fund-raising: three separate approvals

• Non-convertible debentures: listed, rated, secured, redeemable, rupee-denominated NCDs up to an aggregate principal amount of INR 750 Crores, in one or more transactions and/or in one or more series and/or tranches to eligible investor(s) that may be approved from time to time.
• Term Loan: an aggregate amount of INR 1080 Crores from State Bank of India, with an overdraft facility up to INR 100 Crores as a sub-limit. The stated use is refinancing existing and future indebtedness of acquiring SPV, expenses in relation to the facility including fees payable for intermediaries, and/or other general corporate purpose.
• Commercial paper: listed, rated, redeemable commercial papers for a principal aggregate amount of up to INR 220 Crores, in one or more transactions and/or series and/or tranches to eligible investors that may be approved from time to time.

How a retail investor might read this

• The leadership change is described as part of a planned succession process, with the incoming MD & CEO Designate working alongside the outgoing CEO until the handover date; a defined transition period means responsibility does not change abruptly at the announcement.
• The three fund-raising approvals cover different instruments — secured NCDs, a bank term loan and commercial paper — with the term loan carrying a stated repayment/refinancing and general corporate purpose.
• These are board approvals for raising funds; the documents note that issuances are to eligible investors that may be approved from time to time, so the amounts stated are ceilings for aggregate principal.

Background on the platform

• The press release describes the portfolio as 19 best-in-class urban consumption centres across 15 cities, comprising approximately 10.7 million square feet of Grade A retail real estate, attracting over 136 million annual footfalls, complemented by hotels and office assets.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.