Description
Changes in security structure for Non-Convertible Debentures (ISIN: INE186K07080) including removal of exclusive charge on Debt Service Reserve Account.
Summary
DLF Cyber City Developers Ltd has announced changes to the security structure for its Non-Convertible Debentures (ISIN: INE186K07080). The main change involves removing the exclusive charge on Debt Service Reserve Account/Interest Service Reserve Account while maintaining other securities.
Key Points
- Security restructuring for ISIN: INE186K07080
- First pari-passu charge by mortgage on DLF Epitome Buildings 5 A, B & C continues
- First pari-passu charge on receivables and moveable assets from Building 5 maintained
- First pari-passu charge on Escrow Account/Designated account retained
- Exclusive charge on Debt Service Reserve Account removed
Regulatory Changes
The proposed security structure eliminates the fourth security provision (exclusive charge on Debt Service Reserve Account/Interest Service Reserve Account) while maintaining the first three security provisions unchanged.
Compliance Requirements
Debenture holders and trustees must be informed of the security structure changes. The company must ensure proper documentation of the modified security arrangements.
Important Dates
Circular issued on August 14, 2025. No specific implementation dates mentioned in the circular.
Impact Assessment
The removal of exclusive charge on Debt Service Reserve Account may slightly reduce security coverage for debenture holders, though primary securities on building assets and cash flows remain intact. This could affect credit rating or investor perception of the debt instrument.
Impact Justification
Security structure changes for existing debentures may affect investor risk assessment