Description

BSE suspends transfer of NCDs of Ecobox Industrials Asset II and III Private Limited ahead of their amalgamation with Indospace Chittoor entities, with record date set for October 14, 2025.

Summary

BSE has announced the suspension of transfer for Non-Convertible Debentures (NCDs) of Ecobox Industrials Asset II Private Limited and Ecobox Industrials Asset III Private Limited. This action is pursuant to a Scheme of Arrangement approved by NCLT for amalgamation with Indospace Chittoor Private Limited and Indospace Chittoor II Private Limited respectively. A record date of October 14, 2025 has been fixed to determine eligible debenture holders whose NCDs will be transferred to the acquiring entities.

Key Points

  • Ecobox Industrials Asset II Private Limited to be amalgamated with Indospace Chittoor Private Limited
  • Ecobox Industrials Asset III Private Limited to be amalgamated with Indospace Chittoor II Private Limited
  • NCLT has approved the Scheme of Arrangement for both amalgamations
  • Record date fixed: October 14, 2025
  • Two debenture series affected: EAIIPL-10.15%-RESET RATE-5-2-2 (ISIN: INE12WW07019, Code: 976154) and EAIII-10.15%-RESET RATE-5-2-29 (ISIN: INE12W807011, Code: 976155)
  • Both debentures carry 10.15% reset rate coupon

Regulatory Changes

No new regulatory changes introduced. This circular implements existing NCLT-approved scheme of arrangement provisions for corporate amalgamation.

Compliance Requirements

  • Trading members must note the suspension of transfer for the specified NCDs
  • No new transfers of these debentures will be processed during the suspension period
  • Debenture holders as of October 14, 2025 will be eligible for transfer to the amalgamated entities
  • Trading members should inform their clients holding these securities about the amalgamation process

Important Dates

  • October 9, 2025: Circular issued by BSE
  • October 14, 2025: Record date for determining eligible NCD holders for transfer to acquiring entities

Impact Assessment

Market Impact: Limited to specific debenture holders of the two Ecobox entities. No broader market implications expected.

Operational Impact: Transfer suspension prevents any secondary market transfers until the amalgamation is completed. Existing NCD holders will see their holdings transferred to the Indospace entities based on the NCLT-approved scheme.

Investor Impact: NCD holders should be aware that their debentures will be transferred to new entities (Indospace Chittoor Private Limited and Indospace Chittoor II Private Limited). The terms of the NCDs, including the 10.15% reset rate coupon, are expected to be honored by the acquiring entities as per the amalgamation scheme.

Credit Considerations: Investors should evaluate the creditworthiness of the acquiring Indospace entities as their debentures will now be obligations of these new entities post-amalgamation.

Impact Justification

Affects NCD holders of two specific private limited companies undergoing amalgamation. Limited market-wide impact but significant for specific debenture holders.