Description

BSE announces modification to coupon rate step-up provisions for Tyger Capital Private Ltd's Series A and Series B debentures, reducing step-up rates from 0.4915%/0.4689% to 0.25% respectively.

Summary

BSE has announced modifications to the terms of Series A and Series B Debentures issued by Tyger Capital Private Ltd. The key change involves reducing the coupon rate step-up provisions for both series of debentures from their existing higher rates to a uniform 0.25% per annum.

Key Points

  • Series A Debentures coupon rate step-up reduced from 0.4915% p.a. to 0.25% p.a.
  • Series B Debentures coupon rate step-up reduced from 0.4689% p.a. to 0.25% p.a.
  • Step-up rates apply from Put Option Date/Call Option Date until Maturity Date
  • Modifications made to Clauses 2.3.2 (a) and 2.3.2 (b) of the Debenture Trust Deed

Regulatory Changes

Amendment to the Debenture Trust Deed provisions governing coupon rate step-up mechanisms for both Series A and Series B Debentures, standardizing the step-up rate across both series at 0.25% per annum.

Compliance Requirements

  • Debenture holders and market participants to note the revised terms
  • Updated Debenture Trust Deed provisions to be implemented
  • Compliance with modified coupon payment structure

Important Dates

  • Effective Date: As per BSE circular dated August 25, 2025
  • Step-up applicable from respective Put Option Date/Call Option Date until Maturity Date

Impact Assessment

The modification results in lower step-up rates for debenture holders, reducing potential returns compared to original terms. This represents a favorable change for the issuer (Tyger Capital Private Ltd) as it reduces future interest payment obligations. Impact is specific to holders of these particular debt securities and does not affect broader market operations.

Impact Justification

Modification affects debt securities terms for specific issuer, impacting investor returns but limited to single entity