Special Committee approves terms of NCD issue up to INR 8,000 Crores and CP issue up to INR 1,000 Crores
The Special Committee of the Board met on October 16, 2026 and approved the terms of two debt issuances.
By ScoutQuest · · 2 min read
- NCD Issue Size
- up to INR 8,000 Crores
- Number of NCDs
- up to 8,00,000 NCDs
- CP Issue Size
- up to INR 1,000 Crores
A financing step for the Nagarro acquisition
The Special Committee of the Board of Directors met on Friday, October 16, 2026, commencing at 1002 Hrs (IST) and concluding at 1020 Hrs (IST). It considered and approved the terms of issuance of two instruments, described in the letter as part of long term debt financing in relation to the acquisition of Nagarro SE. The instruments are proposed to be issued on a private placement basis.
Non-Convertible Debentures (NCDs)
- Size of the issue: up to INR 8,000 Crores
- Number of securities: up to 8,00,000 NCDs
- Route: private placement
- Listing: to be listed on the National Stock Exchange of India Limited
- Tenure, allotment and maturity dates, coupon and security/charge details are as set out in the key information document
Commercial Paper (CP)
- Size of the issue: up to INR 1,000 Crores
- Number of securities: up to 20,000 CPs
- Route: private placement
- Listing: to be listed on the National Stock Exchange of India Limited
- Tenure: up to 1 (one) year from the date of allotment
- Security: Unsecured
How the decision was reached
- The Board of Directors recommended the proposal on September 2, 2026
- Members of the Company approved it at the Extraordinary General Meeting held on October 5, 2026
- The Board, by resolution dated October 15, 2026, approved the re-constitution of the Special Committee of Directors and its terms of reference, delegating authority
- The letter records that there is no cancellation or termination of the proposal for issuance of securities
What this is, in simple terms
The company is putting in place the terms on which it will borrow money by selling debt instruments to investors rather than by issuing new equity shares. The NCDs are a longer-term borrowing, and the commercial paper is a short-term borrowing of up to one year. Together the approved limits are a step in arranging the funding connected to the Nagarro SE acquisition, with the terms of issuance now approved by the committee that was given this authority.
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More numbers
- NCD issue size approvedINR 8,000 Crores
- Number of NCDs proposed8,00,000 NCDs
- NCD size as stated in disclosure tableINR 8,000 Crore
- Commercial Paper issue size approvedINR 1,000 Crores
- Number of CPs proposed20,000 CPs
- CP tenure from date of allotmentUp to 1 (one) year
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