Executive Summary
The Indian debt securities market on September 2, 2026, saw robust primary market activity with multiple NCD issuances totaling over ₹1,450 crore, led by NBFCs and financial institutions including IIFL Finance (₹350 crore), L&T Finance (₹500 crore), Aditya Birla Capital (₹300 crore), and CreditAccess Grameen (₹300 crore).
Coupon rates ranged from 7.84% (L&T Finance) to 9.25% (IIFL, CreditAccess Grameen), reflecting a clear credit risk premium for smaller NBFCs. Notably, Capri Global Capital's maiden US$300 million bond issuance was oversubscribed 2.3x, signaling strong global investor appetite for Indian credit. Redemption and interest payment activity was largely routine, with all payments made on time or early, including ICICI Home Finance (₹105 crore CP), Tata Steel (₹200 crore CP), and DSP Finance (₹50 crore CP). The overall sentiment across filings is neutral-to-positive, with no defaults or delays, indicating stable credit conditions. The primary market is characterized by a mix of secured, rated NCDs with tenors ranging from 730 days to 1,822 days, and a notable trend towards zero-coupon structures (Aditya Birla Capital) and green shoe options (L&T Finance, Aditya Birla Capital).
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Filing types in this digest: Debt securities
Tracking the trend? Catch up on the prior India Debt Bond Securities SEBI Regulatory Filings digest from August 25, 2026.
Investment Signals (11)
- Capri Global Capital ↓ (BULLISH)▲
Maiden US$300 million bond issuance oversubscribed 2.3x with order book exceeding US$700 million from 64 accounts; 91% allocation to asset managers, indicating strong global confidence in Indian NBFC credit
- L&T Finance ↓ (BULLISH)▲
Raised ₹500 crore at 7.84% coupon with green shoe option for additional ₹500 crore; lower coupon reflects strong credit profile and cost advantage vs peers
- IIFL Finance ↓ (NEUTRAL)▲
Allotted ₹350 crore NCDs at 9.25% coupon, same rate as CreditAccess Grameen's 3-year tranche, indicating market pricing for mid-tier NBFC risk
- CreditAccess Grameen ↓ (NEUTRAL)▲
Raised ₹300 crore via two tranches (9.15% for 2-year, 9.25% for 3-year), showing a steepening yield curve for NBFC debt
- Aditya Birla Capital ↓ (NEUTRAL)▲
Issued ₹300 crore zero-coupon NCDs with green shoe option up to ₹200 crore, tenor 1,757 days; zero-coupon structure indicates investor appetite for deep-discount instruments
- Earlysalary Services (BULLISH)▲
Paid interest one day early on two NCD series (₹110 crore and ₹180 crore), demonstrating strong liquidity management
- KLM Axiva Finvest (BULLISH)▲
Timely payment of monthly interest on 20 NCD series plus one redemption on due date, indicating consistent debt servicing capability
- Tata Steel (NEUTRAL)▲
Redeemed ₹200 crore CP on due date after 30-day tenor; large corporate demonstrating reliable short-term debt management
- DSP Finance (NEUTRAL)▲
Timely payment of ₹50 crore CP maturity on due date, reinforcing creditworthiness
- 360 ONE Alternates (NEUTRAL)▲
Redeemed 560 CPs (ISIN INE0TQI14467) on schedule; routine but shows operational efficiency in debt management
- Unigold Finance (BULLISH)▲
Paid monthly interest of ₹36.85 lakh one day early, indicating strong cash flow position
Risk Flags (9)
- IIFL Finance↓ [MEDIUM RISK]▼
NCD coupon of 9.25% is high relative to L&T Finance's 7.84% (144 bps spread), indicating elevated credit risk perception for mid-tier NBFCs
- CreditAccess Grameen↓ [MEDIUM RISK]▼
Coupon of 9.25% on 3-year NCDs is at the higher end of the range, reflecting microfinance sector risk; penal interest of 2% p.a. on default highlights credit risk
- RDC Concrete [MEDIUM RISK]▼
NCDs issued at a discount (₹9,966.85 vs face value ₹10,000) with accrued interest of -₹33.15, indicating complex pricing that may signal liquidity constraints
- Aditya Birla Capital↓ [LOW RISK]▼
Zero-coupon structure with long tenor (1,757 days) may expose investors to interest rate risk if rates rise; redemption at par in 2031 could result in lower effective yield
- L&T Finance↓ [LOW RISK]▼
Coupon of 7.84% is low, but residual tenor of 1,122 days and listing on NTRP may limit secondary market liquidity
- Earlysalary Services [LOW RISK]▼
First interest payment on ISIN INE01YL07474 (₹180 crore) is a new issuance; watch for future payment consistency
- KLM Axiva Finvest [LOW RISK]▼
20 NCD series with monthly interest payments create high administrative burden; any operational lapse could lead to regulatory scrutiny
- 360 ONE WAM [LOW RISK]▼
Redemption of 2,000 CPs is routine, but low materiality (1/10) suggests limited impact; monitor for any future large-scale redemptions
- Unigold Finance [LOW RISK]▼
Monthly interest payment frequency on NCDs may strain cash flows if business cycles turn; record date August 18, 2026, indicates tight timeline
Opportunities (10)
- Capri Global Capital↓ (OPPORTUNITY)◆
Oversubscription and strong global investor demand (49% US, 39% Asia) signal potential for further international issuance at favorable rates; AUM of ₹40,000 crore and 7.6 lakh customers provide growth runway
- L&T Finance↓ (OPPORTUNITY)◆
Green shoe option for additional ₹500 crore could be exercised if demand remains strong; coupon of 7.84% is attractive for investors seeking high-quality NBFC exposure
- IIFL Finance↓ (OPPORTUNITY)◆
NCDs at 9.25% offer yield pick-up over L&T Finance (144 bps) for investors willing to take mid-tier NBFC risk; secured by first-ranking charge on receivables
- CreditAccess Grameen↓ (OPPORTUNITY)◆
9.25% coupon on 3-year NCDs provides attractive yield for microfinance exposure; security cover of 1x on book debts mitigates risk
- Aditya Birla Capital↓ (OPPORTUNITY)◆
Zero-coupon NCDs with green shoe option may appeal to investors seeking capital appreciation; long tenor (1,757 days) allows for duration play
- Earlysalary Services (OPPORTUNITY)◆
Early interest payments indicate strong liquidity; if trend continues, credit profile may improve, leading to tighter spreads in future issuances
- KLM Axiva Finvest (OPPORTUNITY)◆
Consistent timely payments across 20 NCD series could lead to credit rating upgrades, benefiting existing bondholders
- Tata Steel (OPPORTUNITY)◆
Successful CP redemption reinforces creditworthiness; future CP issuances may attract lower yields, benefiting the company
- DSP Finance (OPPORTUNITY)◆
Timely CP payment supports its credit rating; investors may consider DSP Finance's short-term paper for low-risk yield
- Unigold Finance (OPPORTUNITY)◆
Early interest payment suggests strong cash position; potential for NCD price appreciation if credit perception improves
Sector Themes (6)
- NBFC Debt Issuance Surge◆
5 of 15 filings involve new NCD issuances totaling ₹1,450 crore, indicating strong capital raising activity in the NBFC sector to fund growth (e.g., IIFL, L&T Finance, Aditya Birla Capital, CreditAccess Grameen, RDC Concrete)
- Coupon Rate Dispersion◆
Coupon rates vary widely from 7.84% (L&T Finance) to 9.25% (IIFL, CreditAccess Grameen), reflecting credit quality differences; spread of 141 bps highlights market segmentation
- Green Shoe Options Gaining Traction◆
L&T Finance and Aditya Birla Capital both included green shoe options (₹500 crore and ₹200 crore respectively), indicating flexibility to upsize issuances based on demand
- Zero-Coupon Structure Emergence◆
Aditya Birla Capital's zero-coupon NCDs (1,757 days) represent a shift towards deep-discount instruments, potentially to manage cash flows or investor preferences
- Timely Debt Servicing◆
All 15 filings show no defaults or delays; payments were made on or before due dates, reinforcing overall credit stability in the Indian debt market
- Global Investor Appetite for Indian Credit◆
Capri Global's US$300 million bond issuance oversubscribed 2.3x with 91% allocation to asset managers, indicating strong international demand for Indian NBFC debt
Watch List (8)
-
Monitor if green shoe option (₹500 crore) is exercised; NCDs listed on NTRP may see trading activity; first coupon payment due September 28, 2026
-
Watch for exercise of green shoe option (₹200 crore) and any secondary market trading of zero-coupon NCDs; redemption date June 25, 2031
-
Monitor NCD listing on BSE WDM and any rating changes; penal interest clause (2% p.a.) indicates strict default terms
-
Track performance of US$300 million bonds in secondary market; watch for any follow-on international issuances given oversubscription
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Monitor NCD trading on exchanges; interest payment due September 2, 2027, and principal redemption September 1, 2028
- Earlysalary Services👁
Watch for next interest payment on ISIN INE01YL07474 (first payment was made early); any delay would be a red flag
- KLM Axiva Finvest👁
Monitor monthly interest payments across 20 NCD series; any missed payment would signal distress
- Tata Steel👁
Watch for future CP issuances; redemption of ₹200 crore CP on time supports credit profile
Filing Analyses
(15)
02-09-2026
IIFL Finance Limited has allotted 35,000 secured, listed, rated, redeemable non-convertible debentures (NCDs) of face value ₹1,00,000 each, aggregating to ₹350,00,00,000 (₹350 Crore) under Series D37 on a private placement basis. The NCDs carry a coupon rate of 9.25% p.a., mature on September 1, 2028, and are secured by a first-ranking pari passu charge over the company's current assets and receivables from various loan segments. The allotment was approved by the Finance Committee of the Board on September 2, 2026.
- · The NCDs have a tenure of 730 days from the deemed date of allotment (September 2, 2026) to maturity (September 1, 2028).
- · Interest payment is scheduled for September 2, 2027, and principal redemption on September 1, 2028.
- · The security cover is a first-ranking pari passu charge over current assets and receivables from gold loans, MSME/business loans, real estate loans, capital market loans, and loans against property.
- · In case of default, an additional interest of 2% per annum is payable on defaulted amounts or outstanding principal.
- · The debentures are proposed to be listed on the National Stock Exchange of India Limited.
02-09-2026
ICICI Home Finance Company Limited has informed BSE Limited of the timely payment of ₹1,05,00,00,000 (₹105 Crore) to investors of its commercial paper (ISIN INE071G14HZ5) upon maturity on September 02, 2026. The disclosure is made in compliance with SEBI circular requirements for debt securities.
- · ISIN of the commercial paper: INE071G14HZ5
- · Maturity date and payment date both fall on September 02, 2026
- · Filing is made under Chapter XVII of SEBI Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021
02-09-2026
RDC Concrete (India) Limited has allotted 25,000 secured, listed, rated, redeemable non-convertible debentures of face value ₹10,000 each at an issue price of ₹9,966.85 per debenture, aggregating to ₹24,91,71,250 (₹24.917125 Crore) via private placement. The debentures were allotted to three investors: Eshiruss Financial Consultants Private Limited (10,000 debentures), Vedika Credit Capital Ltd (10,000 debentures), and Infixin Technologies Private Limited (5,000 debentures). The allotment was approved by the Board via circular resolution dated September 01, 2026.
- · The debentures were issued at a price of ₹9,966.85 per debenture, which is ₹33.15 below the face value of ₹10,000, with accrued interest of ₹-33.15.
- · The total nominal amount paid by investors is ₹25,00,00,000 (₹25 Crore), while the aggregate issue price amount is ₹24,91,71,250 (₹24.917125 Crore).
- · The scrip codes for the debentures are 976497, 976600, 977784, 977854, and 978055.
02-09-2026
Earlysalary Services Private Limited has certified timely payment of interest on two Series of Rated, Listed, Secured, Redeemable Non-convertible Debentures (NCDs) due on 02 September 2026. Interest for ISIN INE01YL07334 (issue size ₹110,00,00,000) was paid net of TDS at ₹91,95,594.58 on 01 September 2026, and for ISIN INE01YL07474 (issue size ₹180,00,00,000) at ₹1,54,06,184.30, also paid one day early. No delays or non-payments were reported, and for the latter ISIN it marks the first interest payment.
- · Both interest payments were made one day before the due date (01 Sept 2026 vs due 02 Sept 2026).
- · Interest on ISIN INE01YL07334 was last paid on 30 July 2026.
- · For ISIN INE01YL07474, this was the first interest payment under that ISIN (no prior payment date).
- · Gross interest amounts reflect the full coupon payable; net amounts reflect TDS deduction as per the Information Memorandum.
- · The NCDs are listed on BSE (Scrip Codes 976448 and 978016).
02-09-2026
IIFL Finance Limited has allotted 35,000 secured, listed, rated, redeemable non-convertible debentures (Series D37) on a private placement basis, aggregating to INR 350,00,00,000 (Indian Rupees Three Hundred Fifty Crores Only). The debentures carry a coupon rate of 9.25% per annum and will mature on September 01, 2028. The allotment was approved by the Finance Committee of the Board of Directors on September 02, 2026.
- · The debentures have a tenure of 730 days from the deemed date of allotment.
- · Interest payment is scheduled for September 02, 2027, and principal repayment on September 01, 2028.
- · The debentures are secured by a first ranking pari passu charge over current, standard, and performing book debts, loans, advances, and current assets arising from gold loans, MSME/business loans, real estate loans, capital market loans, and loans against property.
- · In case of default, an additional interest of 2% per annum over the coupon rate will be payable on defaulted amounts or outstanding principal.
- · The debentures are proposed to be listed on the National Stock Exchange of India Limited.
02-09-2026
KLM Axiva Finvest Limited has certified to BSE that it made timely payment of monthly interest on 20 series of Non-Convertible Debentures (NCDs) and one combined interest & redemption payment, all due on September 1, 2026, and paid on the same date. The filing confirms full compliance with SEBI (LODR) Regulation 57 regarding debt servicing obligations.
- · 20 NCD series received monthly interest payments only; 1 series (INE01I507AN1) received both monthly interest and redemption payment.
- · All payments were due on 01-09-2026 and paid on the same date, indicating no default or delay.
- · The certificate was signed by Shibu Theckumpurathu Varghese, Whole-time Director (DIN: 02079917).
02-09-2026
360 ONE Alternates Asset Management Limited redeemed 560 Commercial Papers with ISIN INE0TQI14467 on September 02, 2026, as intimated to BSE Limited. The redemption payment was completed on the scheduled date, fulfilling the company's debt obligation.
- · ISIN: INE0TQI14467
- · Scrip Code: 731801
- · Corporate Action: Redemption Payment
- · Payment Date: 02-09-2026
- · Company CIN: U66300MH2023PLC413099
02-09-2026
360 ONE WAM LIMITED has redeemed 2,000 commercial papers (ISIN INE466L14EZ4) on September 2, 2026, as per the scheduled payment date. This is a routine debt servicing action with no financial impact beyond the redemption itself.
- · ISIN of redeemed commercial papers: INE466L14EZ4
- · Redemption date: September 2, 2026
- · Scrip code: 730489
02-09-2026
Tata Steel Limited has fully redeemed a Commercial Paper (CP) of ₹200 crore on its due date, September 2, 2026. The redemption was made in compliance with SEBI's Master Circular for non-convertible securities. This is a routine debt servicing event with no financial impact beyond the scheduled repayment.
- · The CP was allotted on August 3, 2026, with a maturity of 30 days.
- · The redemption was intimated to exchanges via a prior letter dated August 18, 2026.
- · The disclosure is made under SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025.
02-09-2026
DSP Finance Private Limited has submitted a certificate to BSE Limited confirming timely payment of the maturity amount for its listed Commercial Paper (ISIN INE422H14354). The CP matured on September 2, 2026, and the full principal amount of ₹50,00,00,000 was paid on the same day.
- · Scrip Code: 731477
- · ISIN: INE422H14354
- · Maturity date and payment date both September 2, 2026
- · Certificate filed under SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025
02-09-2026
Unigold Finance Limited has made timely payment of interest on its Secured, Listed, Rated, Redeemable, Non-Convertible Debentures (NCDs) for the monthly interest due on September 2, 2026. The interest amount of ₹36,85,617 was paid on September 1, 2026, one day before the due date, with no change in frequency or any delay.
- · ISIN of the NCDs: INE0O7U07046
- · Interest payment frequency: Monthly
- · Interest payment record date: August 18, 2026
- · Date of last interest payment: July 30, 2026
- · No change in frequency or delay in payment
02-09-2026
L&T Finance Limited has allotted 50,000 senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value ₹1,00,000 each on a private placement basis, aggregating ₹500 Crore, with a green shoe option for an additional ₹500 Crore. The NCDs carry a coupon rate of 7.8384% p.a., mature on September 28, 2029, and are secured by a first-ranking charge over identified fixed deposits and standard receivables. The debentures are proposed to be listed on the NSE's Negotiated Trade Reporting Platform (NTRP).
- · Original tenor of the NCDs is 1179 days; residual tenor is 1122 days.
- · Date of allotment: September 02, 2026; maturity date: September 28, 2029.
- · First coupon payment due on September 28, 2026, and annually thereafter.
- · Security is an exclusive first-ranking charge by way of hypothecation over identified fixed deposits and/or standard receivables, covering 1x the principal and coupon outstanding.
- · In case of default in payment of interest/principal for more than three months, additional interest of 2% p.a. over the coupon rate is payable.
- · NCDs are proposed to be listed on the NSE's Negotiated Trade Reporting Platform (NTRP) under the New Debt Market.
02-09-2026
Aditya Birla Capital Limited has allotted 30,000 secured, rated, listed, taxable, redeemable non-convertible debentures (NCDs) on a private placement basis, aggregating to Rs. 300 Crore, with a green shoe option of up to Rs. 200 Crore. The NCDs are zero-coupon instruments with a tenor of 1,757 days (further issuance) and will be redeemed on June 25, 2031 at a redemption price of Rs. 1,00,000 per debenture. The allotment was made on September 2, 2026.
- · The NCDs are zero-coupon instruments with a tenor of 1,757 days (further issuance) and 1,822 days (original issuance).
- · Redemption date is June 25, 2031.
- · Security is by way of first pari passu charge over receivables, securities, future moveable assets, and current assets.
- · The debentures are listed on BSE and NSE.
02-09-2026
Capri Global Capital Limited raised US$ 300 million through its maiden US Dollar bond issuance of Senior Secured Notes maturing in 2029, with a coupon of 7.55% per annum. The issue was oversubscribed by over 2.3x, drawing an order book exceeding US$ 700 million from 64 high-quality accounts, led by US (49%), Asia (39%), and EMEA (12%) investors. The company has an AUM of over Rs. 40,000 crore and a customer base of over 7.6 Lakh as of June 30, 2026.
- · The bond issuance was managed by a consortium of global banks: Barclays, Citi, Deutsche Bank, Emirates NBD, and UBS.
- · The issue saw one of the highest allocations to global real money investors.
- · By investor type, Asset Managers/Fund Managers accounted for 91%, Insurance companies 5%, and Banks, Private Banks, and others 4%.
- · Capri Global Capital serves over 7.6 Lakh customers through 1,400+ branches and 13,700+ employees as of June 30, 2026.
- · The company offers secured and collateralized loans across Gold Loans, MSME Loans, Construction Finance, and Housing Loans (via subsidiary CGHFL), plus fee-based businesses including insurance distribution and car loan distribution.
02-09-2026
CreditAccess Grameen Limited has allotted 30,000 senior, secured, rated, listed, redeemable, non-convertible debentures in two series on a private placement basis, raising an aggregate nominal value of INR 300,00,00,000 (Rupees Three Hundred Crores Only). Series I Debentures (10,000 debentures, INR 100,00,00,000) carry a coupon of 9.15% p.a. and mature on September 02, 2028 (24-month tenure), while Series II Debentures (20,000 debentures, INR 200,00,00,000) carry a coupon of 9.25% p.a. and mature on September 02, 2029 (36-month tenure). The debentures are secured by a first-ranking charge over identified book debts/loan receivables and will be listed on the Wholesale Debt Market segment of BSE Limited.
- · The debentures are secured by a first-ranking exclusive and continuing charge over identified book debts/loan receivables, with the value of hypothecated assets to be at least 1 time the outstanding principal plus accrued interest.
- · Interest on both series is payable annually; principal is payable on the respective final redemption dates.
- · In case of payment default, the company agrees to pay penal charges at 2% per annum over the prevailing coupon rate.
- · The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE Limited.
- · No special rights/privileges are attached to the debentures beyond those set out in the transaction documents.
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