Description

Updated cash flow schedules for three NCDs of ECL Finance Limited with modified interest rates and payment dates.

Summary

BSE has released updated cash flow schedules for three Non-Convertible Debentures (NCDs) issued by ECL Finance Limited. The updates include revised interest rates and payment schedules for securities with ISINs INE804I071Y3, INE804I072X3, and INE804I078Q4.

Key Points

  • Three NCDs have updated cash flow schedules with modified interest rates
  • ISIN INE804I071Y3: Interest rates increased from 9.85% to 10.10% to 10.35% with LIP date of 31-Aug-24
  • ISIN INE804I072X3: Interest rates stepped up from 8.50% to 8.75% to 9.00% with LIP date of 19-Sep-24
  • ISIN INE804I078Q4: Interest rate increased from 9.25% to 9.50% with LIP date of 06-Mar-25
  • All securities follow annual interest payment frequency with Actual/Actual day count convention

Cash Flow Details

INE804I071Y3 (Face Value: Rs. 100)

  • Original allotment: 31 August 2018
  • Maturity: 31 August 2028 (3 years tenor)
  • Outstanding principal payments scheduled for Dec 2027, Mar 2028, and Jun 2028
  • Final redemption: 31 August 2028

INE804I072X3 (Face Value: Rs. 100)

  • Original allotment: 19 September 2017
  • Maturity: 17 September 2027 (10 years tenor)
  • Principal repayment of Rs. 25 crores on 18 June 2027
  • Final redemption: 17 September 2027

INE804I078Q4 (Face Value: Rs. 100)

  • Original allotment: 06 March 2017
  • Maturity: 05 March 2027 (10 years tenor)
  • Quarterly principal repayments from June 2026 onwards
  • Final redemption: 05 March 2027

Important Dates

  • Interest rate increases effective from respective LIP dates already passed
  • Various coupon payment dates spread across 2025-2028 depending on the security
  • Final redemption dates: March 2027, September 2027, and August 2028

Impact Assessment

The interest rate increases benefit bondholders with higher returns but reflect ECL Finance’s adjusted cost of borrowing. The staggered principal repayment schedules provide structured cash flows for investors while managing the issuer’s repayment obligations across multiple periods.

Impact Justification

Updates to existing debt securities cash flows affect bondholders but are routine modifications