Description

BSE announces listing of ₹303.38 crore pass-through certificates issued by RAFALE - 2025 with 11.50% interest rate, maturing on May 17, 2028.

Summary

BSE has listed new pass-through certificates (PTCs) issued by RAFALE - 2025 on private placement basis, effective December 3, 2025. The securities have a face value of ₹1, carry an interest rate of 11.50% per annum with monthly payments, and mature on May 17, 2028. The issue is rated ICRA A(SO) and will trade only in dematerialized form.

Key Points

  • Scrip Code: 977338, Scrip ID: 115RFALE28
  • ISIN: INE2NN915016
  • Total quantity issued: 303,377,462 units (₹303.38 crore)
  • Market lot: 100,000 units
  • Issue price: ₹1.00 per unit
  • Date of allotment: November 28, 2025
  • Interest rate: 11.50% per annum (paid monthly)
  • Credit rating: ICRA A(SO)
  • Trading: Dematerialized form only
  • Tick size: 1 paise
  • No put/call options available

Regulatory Changes

No regulatory changes introduced. This is a standard listing notification.

Compliance Requirements

  • Trading members must trade these securities only in dematerialized form under ISIN INE2NN915016
  • Members should refer to the Placement Memorandum available on BSE’s debt section for complete details
  • For clarifications, members may contact BSE’s debt department at 22728352/8597/8995/5753/8915

Important Dates

  • Date of Allotment: November 28, 2025
  • Listing Date: December 3, 2025
  • First Interest Payment: December 17, 2025
  • Interest Payment Frequency: Monthly, 17th of each month
  • Final Interest Payment & Redemption: May 17, 2028

Impact Assessment

This is a routine listing announcement with minimal market impact. The securities are privately placed debt instruments targeted at institutional investors. The 11.50% interest rate reflects the credit profile (ICRA A(SO) rating) and current market conditions for structured debt products. Trading activity is expected to be limited to the debt segment with no impact on equity markets or retail investors.

Impact Justification

Routine listing announcement for privately placed debt securities affecting institutional investors only, no impact on equity markets or retail participation