Executive Summary
This digest covers 17 Indian debt-market filings dated 29 October 2026, dominated by routine compliance disclosures: quarterly interest payments on NCDs (Spandana, Edelweiss ARC, Truhome, Akara, Fusion, IndusInd Tier 2), use-of-proceeds and security cover certificates (Kalpataru, Avenue Supermarts), and new Commercial Paper and secured NCD allotments (Avenue Supermarts, UGRO Capital, Poonawalla Fincorp).
Nearly all scheduled interest payments were made on time, with several paid one day early, indicating broadly clean servicing across the sample. The most material development is TruCap Finance, where the auditor flagged a material going-concern uncertainty tied to security cover and covenant breaches, deteriorating asset quality and a pending lender restructuring, even though Q2 losses narrowed sharply versus Q2 FY26 and quarter-on-quarter. Delhi International Airport shows a mixed picture: total assets rose to Rs 29,705 Cr from Rs 24,819 Cr and equity to Rs 1,351 Cr from Rs 1,117 Cr, but borrowings are rising at the current end and the MAF litigation remains open. Poonawalla Fincorp's Rs 1,318 Cr secured issuance is the largest new-money deal, with a 9.00% coupon on the Rs 405 Cr G2 series. Spreads on new paper look reasonable, with UGRO's CP discounting and Avenue's 7.20% 43-day CP as reference points. Overall, the market signal is stable servicing with credit stress concentrated in one name.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Debt securities
Tracking the trend? Catch up on the prior India Debt Bond Securities SEBI Regulatory Filings digest from October 22, 2026.
Investment Signals (11)
- Poonawalla Fincorp ↓ (BULLISH)▲
Allotted Rs 1,318 Cr of secured, rated, listed NCDs in two series (Rs 913 Cr zero-coupon maturing Oct 2030; Rs 405 Cr at 9.00% coupon maturing Oct 2029) with first-ranking pari passu charge on hypothecated assets, signalling active institutional market access
- Avenue Supermarts ↓ (BULLISH)▲
Allotted Rs 200 Cr of unsecured ICRA A1+ Commercial Paper at 7.20% for 43 days, and CFO certificate confirms CP proceeds utilised per disclosure document with no deviation
- Fusion Finance ↓ (BULLISH)▲
Paid Rs 1.215 Cr post-tax monthly NCD interest on Rs 150 Cr issue one day ahead of due date (28 Oct vs 29 Oct), with no delay, earning a positive sentiment classification
- Spandana Sphoorty ↓ (BULLISH)▲
Paid Rs 49.27 lakh quarterly NCD interest one day early and partially redeemed Rs 454.55 lakh, reducing outstanding to Rs 1,363.64 lakh of the original Rs 5,000 lakh issue, a deleveraging signal
- Kalpataru Properties (BULLISH)▲
Utilised Rs 1,631.33 Cr of Rs 1,635 Cr NCD proceeds with no deviation from objects, leaving only ~Rs 3.68 Cr unutilised, and security cover certificate shows no reported non-compliance
- Delhi International Airport (BULLISH)▲
Total assets rose to Rs 29,705 Cr from Rs 24,819 Cr (+19.7% vs March 2026) and equity to Rs 1,351.50 Cr from Rs 1,116.65 Cr (+21%), with the arbitral award on MAF upheld by the Delhi High Court
- TruCap Finance ↓ (BULLISH)▲
Q2 standalone net loss narrowed to Rs 871.75 lacs from Rs 3,258.86 lacs YoY and H1 losses narrowed to Rs 1,911.42 lacs from Rs 4,145.83 lacs, with total income up to Rs 1,301.08 lacs from Rs 1,218.12 lacs QoQ
- Truhome Finance (BULLISH)▲
Monthly NCD interest of Rs 1.16 Cr on Rs 1,900 Cr issue paid on the due date with no delay, consistent with a steady servicing record on a large debenture
- Edelweiss ARC (BULLISH)▲
Rs 77.37 lakh monthly interest on Rs 100 Cr NCDs paid on 28 Oct 2026 with no change in rate or frequency, indicating stable servicing
- TruCap Finance ↓ (BEARISH)▲
Auditor's material going-concern uncertainty and breach of security cover and covenants, with deteriorating asset quality and a pending lender restructuring; deferred tax assets rose to Rs 6,268 lacs from Rs 5,835 lacs, a non-cash signal not offsetting operating weakness
- Ugro Capital ↓ (BEARISH)▲
Issued CP at a discount (implied Rs 4,78,525.50 and Rs 4,85,096 per Rs 5 lakh face value) with tenors of 180 and 126 days, implying a material cost of short-term funding that investors should compare against peer CP yields
Risk Flags (7)
- TruCap Finance/Going Concern↓ [HIGH RISK]▼
Auditor flagged material uncertainty on going concern tied to covenant and security cover breaches, deteriorating asset quality and a pending restructuring plan with lenders; board approved fundraise of up to Rs 58 Cr via equity or convertibles subject to shareholder approval, indicating dilution risk
- TruCap Finance/Security Cover↓ [HIGH RISK]▼
Breach of security cover and other loan covenants is an explicit auditor concern, with potential equity infusion identified as a condition for resolving the doubt
- Delhi International Airport/Borrowings [MEDIUM RISK]▼
Current borrowings rose to Rs 5,007 Cr from Rs 4,953 Cr while non-current borrowings fell to Rs 10,422 Cr from Rs 10,991 Cr, shifting maturity profile toward the near term and increasing refinancing pressure
- Delhi International Airport/Litigation [MEDIUM RISK]▼
AAI is appealing the MAF arbitral award to a Divisional Bench; auditor review drew attention to this matter, and the outcome on the Apr 2020 to Feb 2022 period is unresolved
- Kalpataru Properties/Covenant Verification [MEDIUM RISK]▼
Personal guarantor net worth covenant verified via a certified statement dated 31 March 2025, over 18 months stale relative to the Sept 2026 certificate, and source text for security cover ratios is partially illegible
- Ugro Capital/Issuance Discount↓ [LOW RISK]▼
CP tranches issued at a discount to face value and one tranche remains unlisted (INE583D14AB2), reducing secondary liquidity for holders of that paper
- Spandana Sphoorty/Outstanding Balance↓ [LOW RISK]▼
Outstanding NCD balance of Rs 1,363.64 lakh remains against Rs 5,000 lakh original issue after partial redemption, implying further amortisation obligations to track
Opportunities (6)
- TruCap Finance/Restructuring Recovery↓ (OPPORTUNITY)◆
Narrowing losses (Q2 loss down ~73% YoY, H1 loss down ~54%) and rising total income suggest operating turnaround potential if the lender restructuring and equity infusion close, creating potential re-rating upside for distressed-debt participants
- Poonawalla Fincorp/Secured Paper Access↓ (OPPORTUNITY)◆
Successful placement of Rs 1,318 Cr across a 9.00% coupon and zero-coupon secured structure, with 2029 and 2030 maturities, offers investors a rated, secured credit with first-ranking pari passu charge
- Avenue Supermarts/Short-Duration CP↓ (OPPORTUNITY)◆
7.20% coupon on 43-day ICRA A1+ unsecured CP offers an attractive short-duration yield for money-market allocators with a strong rating profile
- Delhi International Airport/Asset Base Expansion (OPPORTUNITY)◆
Total assets up ~19.7% in roughly seven months and equity up ~21%, with a favourable arbitral award pending appellate review, creating potential upside if AAI's appeal fails
- Fusion Finance/Monthly Income↓ (OPPORTUNITY)◆
Consistent monthly interest servicing on Rs 150 Cr NCD issue, paid one day early this cycle, supports income-seeking investors wanting predictable cashflows from a rated NBFC issuer
- Spandana Sphoorty/Deleveraging Trajectory↓ (OPPORTUNITY)◆
Partial redemption of Rs 454.55 lakh and an outstanding balance now only 27% of original issue size suggest declining credit exposure, improving risk profile for holders of the remaining series
Sector Themes (6)
- NBFC and Structured Finance Debt Servicing Discipline (THEME)◆
Of the 9 servicing-related filings (Spandana, Edelweiss ARC, Truhome, Akara, Fusion, IndusInd, Kalpataru, Avenue, Delhi Airport certificate), all reported on-time or early payments with no reported delays, suggesting robust near-term liquidity across sampled issuers
- Commercial Paper Issuance Activity (THEME)◆
Three CP allotments (Avenue Rs 200 Cr at 7.20%, UGRO two tranches totalling about Rs 42 Cr issue value, and a Poonawalla/UGRO-linked short-tenor programme) show active short-term funding across A1+ and mid-tier issuers, with discounted pricing on UGRO paper highlighting a credit-quality premium
- Secured Long-Dated NCD Issuance (THEME)◆
Poonawalla's Rs 1,318 Cr secured issuance spanning 3 to 4 year tenors and a zero-coupon structure illustrates issuers extending duration with first-ranking security, a pattern favoured when market depth is available
- Distress Concentrated in Stressed Lending Segments (THEME)◆
TruCap's going-concern flag, security cover breach and deteriorating asset quality contrast with clean servicing elsewhere; the sample suggests credit stress remains idiosyncratic rather than systemic in this period
- Regulatory Compliance Disclosure Density (THEME)◆
Roughly half of the 17 filings are routine SEBI LODR-driven certifications (Regulation 52, 54, 57 and CFO certificates), indicating high compliance cadence and making material-event filtering essential for investors
- Sovereign and Quasi-Sovereign Rate Anchors (THEME)◆
RBI's FRB 2034 coupon of 7.26% (base T-bill average plus 0.98% spread) and the SGB 2019-20 Series VI redemption at Rs 14,213 per unit provide reference points for pricing corporate spreads over sovereign benchmarks
Watch List (7)
-
Pending restructuring plan and fundraise of up to Rs 58 Cr (shareholder approval required); three senior management appointments effective 29 Oct 2026; monitor for covenant waivers and security cover cure [Next: shareholder meeting, date TBD]
- Delhi International Airport/MAF Appeal👁
AAI appeal of Delhi High Court-upheld arbitral award pending before Divisional Bench; next hearing and any settlement developments to monitor [Date TBD]
-
Both secured NCD series to be listed on BSE debt segment following allotment on 29 Oct 2026; listing confirmation and first-coupon schedule for G2 (9.00%) to track [Listing expected post 29 Oct 2026]
-
Second tranche (Rs 23 Cr redemption, matures 4 Mar 2027) proposed for listing; first tranche (INE583D14AB2, matures 27 Apr 2027) remains unlisted, monitor for secondary liquidity [Maturity 4 Mar 2027 and 27 Apr 2027]
-
Rs 200 Cr CP at 7.20% matures 11 Dec 2026, and BSE listing proposal pending; watch for rollover versus refinancing signals from the company [11 Dec 2026]
- Kalpataru Properties/Security Cover Verification👁
Personal guarantor net worth statement dated 31 Mar 2025 is stale; request an updated certified statement at next quarterly filing to verify covenant compliance [Next quarterly certificate, ~Dec 2026]
- RBI FRB 2034 Coupon Reset👁
New 7.26% coupon effective 30 Oct 2026 to 29 Apr 2027 forms a benchmark for floating-rate corporate pricing; track next semi-annual reset on 29 Apr 2027 [29 Apr 2027]
Filing Analyses
(17)
28-10-2026
Kalpataru Properties Limited filed its quarterly security cover certificate for listed non-convertible debentures (BSE Scrip Code 977809) as at 30 September 2026, issued by statutory auditor KKC & Associates LLP. The auditor's limited assurance conclusion reports nothing that suggests inaccurate extraction, arithmetic errors, or material non-compliance with debenture covenants during the quarter. The Statement of security cover figures is partially illegible in the source text, so specific security cover ratios could not be reliably extracted.
- · Debenture Trustee Deed dated 27 April 2026, amended on 15 May 2026, governs the covenants
- · Personal guarantor net worth covenant verified by reliance on a certified net worth statement as at 31 March 2025, not a current statement
- · Certificate issued under SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated 19 May 2022 and Regulation 54 of SEBI Listing Regulations
- · Auditor provides limited assurance only, not reasonable assurance
- · Certificate restricted to submission to the Debenture Trustee and not for other use
28-10-2026
Kalpataru Properties Limited filed its quarterly statement under SEBI Listing Regulations 52(7) and 52(7A) for the quarter ended 30 September 2026, confirming utilisation of proceeds from its privately placed non-convertible debentures (NCDs). Of the Rs 1635,00,00,000 raised on 21 May 2026, Rs 1631,32,63,142 has been utilised, with no deviation from the stated objects of the issue. The unutilised balance is held in escrow or fixed deposits.
- · Unutilised balance of approximately Rs 3.68 Crore (Rs 1635.00 Crore less Rs 1631.33 Crore) is held in escrow or fixed deposits
- · No deviation or variation in use of funds; no audit committee or auditor comments required
- · ISIN INE0K4J07032 and BSE scrip code 977809
28-10-2026
TruCap Finance Limited's board on October 28, 2026 approved unaudited standalone and consolidated results for Q2 and H1 FY27 (quarter/half year ended September 30, 2026), and approved a fundraise of up to Rs 58 Crores via equity or convertible instruments subject to shareholder approval. Results show a sharp loss: standalone net loss of Rs 871.75 lacs in Q2 versus Rs 3,258.86 lacs in Q2 FY26 (a narrower loss YoY), but a wider loss than the Rs 1,039.65 lacs in Q1 FY27 was NOT the case, as Q2 loss narrowed quarter-on-quarter; total income for Q2 rose to Rs 1,301.08 lacs from Rs 1,218.12 lacs in Q1, while half-year losses narrowed to Rs 1,911.42 lacs from Rs 4,145.83 lacs in H1 FY26 on lower impairments. The auditor flagged a material uncertainty on going concern tied to covenant and security cover breaches, deteriorating asset quality, and a pending restructuring plan with lenders.
- · Auditor's review draws attention to breach of security cover and other loan covenants, deteriorating asset quality, and potential equity infusion as conditions casting significant doubt on going concern
- · Three senior management personnel designated effective October 29, 2026
- · Standalone deferred tax assets rose to Rs 6,268.12 lacs from Rs 5,834.98 lacs at March 31, 2026
- · Other income for H1 FY27 was Rs 1,377.44 lacs (vs Rs 166.72 lacs in H1 FY26) per standalone results, a large one-off style contributor to total income
- · Basic and diluted EPS for Q2 FY27 is Rs (0.36) vs Rs (2.79) in Q2 FY26
28-10-2026
Spandana Sphoorty Financial Limited paid ₹49.27 lakhs in quarterly interest on its NCDs (ISIN INE572J07752) on 27/10/2026, one day ahead of the 28/10/2026 due date, with no delay. The company also partially redeemed the NCDs by face value, repaying ₹454.55 lakhs, leaving an outstanding amount of ₹1,363.64 lakhs against an original issue size of ₹5,000 lakhs.
- · Interest is paid quarterly; the last interest payment was made on 27/07/2026
- · Interest payment record date was 13/10/2026
- · No reason for delay was reported, as the payment was made one day before its due date
- · Partial redemption was by face value; redemption was not by quantity, lot, or pro-rata basis
- · The redemption was made one day ahead of its 28/10/2026 maturity/due date
- · The filing was made under Regulation 57 of SEBI LODR Regulations, 2015
28-10-2026
Edelweiss Asset Reconstruction Company Limited confirmed to BSE that interest payment on its listed Non-Convertible Debentures (ISIN INE015L07816) was made on time under Regulation 57 of the SEBI LODR Regulations. The interest amount due was Rs. 77.37 lakhs, paid monthly, against an issue size of Rs. 10,000 lakhs (Rs. 100 Cr), with the payment made on 28-10-2026 and no delay reported.
- · Interest payment frequency is monthly; interest was due on 16-10-2026 and paid on 28-10-2026 with a record date of 28-09-2026
- · Reported as timely payment with no delay in payment and no change in interest rate or payment frequency
28-10-2026
Truhome Finance Limited (formerly Shriram Housing Finance Limited) disclosed to BSE that it made a monthly interest payment of INR 1,16,34,246.58 on its non-convertible debenture ISIN INE432R07513, with a payment date of October 28, 2026, matching the due date with no delay. The issue size of the security is INR 1,90,00,00,000 (INR 1,900 Cr), and no redemption payment was made during the period.
- · Interest payment record date was 13/10/2026; due and actual payment date was 28/10/2026 with no delay
- · Interest payment frequency is monthly with no change in frequency
- · No redemption payment was made or due under this security
- · Date of last interest payment is listed as NA
28-10-2026
Delhi International Airport Limited's board approved unaudited standalone results for the quarter and half year ended September 30, 2026, with limited review reports from Walker Chandiok & Co LLP and K.S. Rao & Co. (joint statutory auditors) noting no material misstatement. The auditors drew attention to ongoing litigation with the Airports Authority of India (AAI) over Monthly Annual Fee (MAF) for March 2020 to February 2022, where the company holds an arbitral award in its favour that AAI is appealing. Total assets stood at ₹29705.31 Cr versus ₹24818.81 Cr at March 31, 2026, while equity moved from ₹1116.65 Cr to ₹1351.50 Cr.
- · Auditors reviewed the MAF litigation: Arbitral award of January 16, 2024 excused payment for March 19, 2020 to February 28, 2022; Delhi High Court upheld the award on March 7, 2025; AAI has appealed to a Divisional Bench.
- · Management believes the company has a favourable case for relief for April 1, 2020 to February 28, 2022; the auditors' conclusion was not modified for this matter.
- · Current borrowings rose to ₹5007.02 Cr from ₹4952.77 Cr, while non-current borrowings fell to ₹10422.10 Cr from ₹10991.40 Cr.
- · Current investments increased to ₹1950.39 Cr from ₹1221.47 Cr.
- · Board meeting ran from 2:00 PM to about 4:00 PM IST on October 28, 2026.
28-10-2026
Avenue Supermarts Limited submitted a BSE filing dated October 28, 2026 enclosing a CFO certificate (dated October 27, 2026) confirming that proceeds from its Commercial Paper issuances were utilised during the quarter ended September 30, 2026, for the purposes stated in the Disclosure Document, and that listing conditions under Chapter XVII of SEBI's Master Circular (dated October 15, 2025) were adhered to. The filing is a routine regulatory compliance disclosure and contains no financial performance figures.
- · Certificate is dated October 27, 2026, one day before the filing date of October 28, 2026
- · Compliance is referenced under Chapter XVII of SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025
28-10-2026
Akara Capital Advisors Private Limited has confirmed under Regulation 57(1) of SEBI (LODR) Regulations, 2015 that it made timely monthly interest payments to all bondholders as of the record date. The interest payment of Rs. 9,73,147.06 (after TDS) on an issue size of Rs. 10,00,00,000 was made on October 28, 2026, one day ahead of the October 29, 2026 due date. No redemption payments were made and no delays were reported.
- · Interest payment record date was October 14, 2026; due date was October 29, 2026; actual payment date was October 28, 2026
- · Previous interest payment date was September 28, 2026, confirming a monthly payment cadence with no change in frequency
- · No redemption, put/call option, buyback, or conversion events occurred during the period
29-10-2026
Avenue Supermarts Limited (DMART) allotted Commercial Paper worth Rs 200 crore on 29 October 2026, with a 43-day tenure maturing on 11 December 2026. The instrument carries a 7.20% coupon payable at maturity, is unsecured, and is rated ICRA A1+. The company has proposed listing on BSE Limited.
- · Allotment date: 29 October 2026; maturity date: 11 December 2026
- · Instrument is unsecured with no special rights or privileges attached
- · No delay or default in interest or principal payments reported
29-10-2026
The Reserve Bank of India released data on External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB) issued under General Permission and Special Permission for August 2026. The release is a routine regulatory data publication; it contains no specific monetary amounts, company-level figures, or period-over-period comparisons in the provided text.
- · Data covers the month of August 2026, released October 29, 2026 (Press Release No. 2026-2027/1403)
- · Covers both General Permission and Special Permission routes for ECB, FCCB and RDB issuance
29-10-2026
The Reserve Bank of India announced that the coupon rate on the Government of India Floating Rate Bond 2034 (FRB 2034) will be 7.26% per annum for the half-year from October 30, 2026 to April 29, 2027. The coupon is set as the average Weighted Average Yield of the last three 182-day T-Bill auctions plus a fixed spread of 0.98%. This is a routine semi-annual rate reset with no change in structure or any negative developments disclosed.
- · Coupon base rate equals the average Weighted Average Yield of the last three 182-day T-Bill auctions, with rate fixing from October 30, 2026
- · Press Release reference: 2026-2027/1405
29-10-2026
IndusInd Bank Limited has certified to the NSE, BSE and Luxembourg Stock Exchange that it made the annual interest payment of Rs. 227.08 crore on its Tier 2 Bonds (ISIN INE095A08090, issue size Rs. 2,800.00 crore) on the due date of October 29, 2026, in compliance with Regulation 57 of the SEBI LODR Regulations, 2015. The record date was October 14, 2026, and the payment was made on schedule with no delay or change in payment frequency.
- · Interest payment record date was October 14, 2026, and the prior interest payment was made on October 29, 2025
- · Interest is paid annually, with no change in payment frequency and no reason for non-payment or delay
- · The Tier 2 Bonds were issued on October 29, 2021 and are listed on the National Stock Exchange of India Limited
29-10-2026
The Reserve Bank of India announced that premature redemption of Sovereign Gold Bond (SGB) 2019-20 Series VI is due on October 30, 2026, with the redemption price set at ₹14,213 per unit, based on the simple average of 999-purity gold closing prices for October 27, 28, and 29, 2026. The release is a routine government-scheme operational notice with no mixed or negative performance metrics.
- · Bond issued October 30, 2019; premature redemption permitted after fifth year on interest payment date per GOI notification F.No. 4(7)-B(W&M)/2019 dated September 30, 2019
- · Redemption price based on IBJA 999-purity gold closing prices for October 27, 28 and 29, 2026
- · Press Release reference: 2026-2027/1406
29-10-2026
UGRO Capital Limited's Investment and Borrowing Committee approved the allotment of two Commercial Paper tranches on 29 October 2026. The first, unlisted tranche of Rs. 19,14,10,200 issue value matures on 27 April 2027 (180 days) with a redemption value of Rs. 20,00,00,000, while the second, proposed-to-be-listed tranche of Rs. 22,31,44,160 issue value matures on 4 March 2027 (126 days) with a redemption value of Rs. 23,00,00,000. Both issues are arranged through Yes Bank Limited as the IPA.
- · First tranche (INE583D14AB2) is unlisted; second tranche (INE583D14AC0) is proposed to be listed
- · Implied issue price per security: Rs. 4,78,525.50 (first tranche) and Rs. 4,85,096 (second tranche) against Rs. 5,00,000 face value, i.e., issued at a discount
- · Yes Bank Limited acts as the Issuing and Paying Agent (IPA) for both tranches
- · Approval granted by the Investment and Borrowing Committee of the Board under SEBI Listing Regulations Regulation 30 disclosure
29-10-2026
Fusion Finance Limited has confirmed payment of INR 1,21,50,000 (post-tax) in monthly interest on its Non-Convertible Debentures (ISIN INE139R07456), with the actual payment made on October 28, 2026, one day ahead of the October 29, 2026 due date. The issue size is INR 1,50,00,00,000, and the interest amount due including taxes was INR 1,35,00,000. No redemption payments were made during the period.
- · Interest payment record date was October 14, 2026; payment was made on the actual date of October 28, 2026, versus the due date of October 29, 2026.
- · Interest payment frequency is monthly, with no change in frequency and no reason for non-payment or delay reported.
- · Previous interest payment was made on September 28, 2026.
- · Filing is made under Regulation 57 of SEBI LODR Regulations, 2015, in continuation of an earlier intimation dated October 06, 2026.
- · Script codes for the debentures on BSE are 543652, 977381, and 977412.
29-10-2026
Poonawalla Fincorp Limited's Finance Committee approved on October 29, 2026 the allotment of two secured, rated, listed NCD series totalling ₹1,318,00,00,000 (₹1,318 Crore): 91,300 zero-coupon debentures under PFL NCD Series ZCB G1 FY 2026-27 (INE511C07AF0) for ₹913,00,00,000 (₹913 Crore), maturing October 29, 2030, and 40,500 debentures under PFL NCD Series G2 FY 2026-27 (INE511C07AG8) for ₹405,00,00,000 (₹405 Crore) carrying a 9.00% p.a. coupon, maturing October 29, 2029. Both are secured by a first-ranking pari passu charge on hypothecated properties and will be listed in the BSE debt segment. This is a routine capital-raising disclosure with no negative or flat performance data.
- · Series ZCB G1 (INE511C07AF0) is a zero-coupon instrument maturing October 29, 2030
- · Series G2 (INE511C07AG8) carries a 9.00% p.a. coupon and matures October 29, 2029
- · Both series are secured by a first-ranking pari passu charge on hypothecated properties sufficient to provide the required security cover
- · Default penalty: 2% p.a. over the applicable coupon rate for any payment delay exceeding three months
- · Debentures will be listed in the Debt Market Segment of BSE Limited; this follows an intimation dated October 26, 2026
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