Board committee approves allotment of 50,000 secured NCDs aggregating INR 50,00,00,000

Committee meeting held on Thursday, October 8, 2026 approved allotment of 50,000 senior, secured, rated, listed, redeemable NCDs.

Thu 8 Oct 2026

Aggregate nominal value

INR 50,00,00,000 (Indian Rupees Fifty Crore)

Coupon

11% per annum, fixed, payable monthly

Date of maturity

January 8, 2028

What was approved

The Asset Liability Management Committee of the company, at its meeting held on Thursday, October 8, 2026, approved the allotment of 50,000 senior, secured, rated, listed, redeemable, taxable, transferable, non-convertible debentures (NCDs) issued on a private placement basis. The meeting commenced at 12:00 P.M. and concluded at 12:30 P.M.

The money involved

• Number of debentures allotted: 50,000
• Face value: INR 10,000 per debenture
• Aggregate nominal value: INR 50,00,00,000 (Indian Rupees Fifty Crore)
• Issue price: INR 10,000 per debenture

Terms and tenure

• Tenure: 15 months from the Deemed Date of Allotment
• Date of allotment (Deemed Date of Allotment): October 8, 2026
• Final Redemption Date: January 8, 2028
• Coupon rate: 11% per annum (fixed), payable monthly
• Interest is payable on a monthly basis in accordance with the Transaction Documents
• Principal is payable on the Final Redemption Date
• Redemption is on a pari passu basis

What secures the debentures

• A first ranking exclusive and continuing charge in favour of the debenture trustee, created through an unattested deed of hypothecation over certain identified book debts/loan receivables of the company (described as the Hypothecated Assets)
• The value of the Hypothecated Assets must at all times, from the Deemed Date of Allotment until the debentures are fully redeemed, be at least 1.10 times the value of the aggregate outstanding amounts on the debentures
• Such other security interest as may be agreed in writing between the company and the holders of the debentures

Rating and listing

• The debentures have been rated "IND BBB-/Stable" by India Ratings and Research Private Limited
• The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE Limited

If payment is delayed

On the occurrence of a payment default, additional interest at 4% per annum above the Interest Rate is payable on the outstanding principal amounts, from the date of the payment default until the default is cured or the debentures are fully redeemed, whichever is earlier.

How to read this

• This is a debt fund raise: no new equity shares are issued, so the existing shareholding is not diluted by this allotment.
• The instrument carries a fixed coupon of 11% per annum payable monthly, which is a recurring payment obligation for the company.
• The debentures are secured by a first ranking charge on identified book debts/loan receivables, with a minimum cover of 1.10 times the outstanding amount.
• The coupon rate, tenure, security cover and the credit rating printed in the update are the figures to track when judging the cost and terms of this borrowing.

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