Board meeting on 12 October 2026 to consider NCD issuance of up to INR 15,000 Crore

Board meeting scheduled for Monday, 12 October 2026.

Wed 7 Oct 2026

Board Meeting Date

Monday, 12 October 2026

NCD Issue Size

not exceeding INR 15,000 Crore (Indian Rupees Fifteen Thousand Crore only)

Issue Basis

listed, rated, unsecured, redeemable non-convertible debentures (NCDs), in one or more tranches, on a private placement basis

What the company has informed the exchanges

• A meeting of the Board of Directors is scheduled for Monday, 12 October 2026.
• Among the items to be considered is the issuance of listed, rated, unsecured, redeemable non-convertible debentures, referred to as NCDs.
• The issuance is proposed in one or more tranches, on a private placement basis.
• The aggregate amount is not exceeding INR 15,000 Crore (Indian Rupees Fifteen Thousand Crore only).
• The Board will also consider matters incidental and connected to the issuance.

What an NCD is, in simple words

An NCD is a debenture, a form of borrowing. The company raises money from investors, pays interest on it, and repays the amount at maturity.

• Listed means the debentures are intended to be listed on an exchange.
• Rated means they carry a credit rating.
• Unsecured means they are not backed by a specific asset of the company.
• Redeemable means they have a fixed maturity, when the money is returned.
• Private placement means the debentures are offered to select investors and not to the general public.

The key figure

• Aggregate size proposed to be considered: not exceeding INR 15,000 Crore.

How to read this

• The update describes an item placed before the Board. The words used are to consider and approve, so this is a proposal at this stage.
• The money raised through debentures is borrowed money. Using this route does not add new equity shares, so the shareholding of existing shareholders is not diluted by the issue of these instruments.
• The debentures carry a rating and are proposed to be listed, which are features investors can note along with the terms that are decided when the issuance is approved.

What happens next

The outcome of the Board meeting scheduled for 12 October 2026, where the issuance and connected matters will be considered and approved.

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