Description
BSE announces revision of terms for Fortis Healthcare Ltd debt securities, converting secured NCDs to unsecured NCDs with new ISINs effective December 22, 2025.
Summary
BSE has issued an update regarding debt securities of Fortis Healthcare Ltd, announcing a significant change in the terms of three existing Non-Convertible Debentures (NCDs). Effective December 22, 2025, these NCDs will be converted from secured to unsecured status, with corresponding changes to their ISINs. This follows an earlier notice (20251113-61) dated November 13, 2025.
Key Points
- Three scrip codes (976244, 976243, 976242) will be affected by the revised terms
- NCDs will change from secured to unsecured status
- New ISINs will be assigned to all three securities
- Trading with revised terms begins December 22, 2025
- Continuation of earlier notice from November 13, 2025
Regulatory Changes
Mode of Security Change:
- From: Secured NCDs
- To: Unsecured NCDs
ISIN Changes:
| Scrip Code | Old ISIN | New ISIN |
|---|---|---|
| 976244 | INE061F07069 | INE061F08034 |
| 976243 | INE061F07051 | INE061F08026 |
| 976242 | INE061F07044 | INE061F08018 |
Compliance Requirements
- Trading members must note the revised terms for the affected scrip codes
- Trading systems should be updated to reflect new ISINs from the effective date
- Investors and trading members should adjust their records to reflect the change in security status
- For further details, contact Ms. Bhairavi Bondale (+91 22 2272 8844) or email debt.listing@bseindia.com
Important Dates
- Notice Date: December 19, 2025
- Effective Date: December 22, 2025 (Monday) - Trading with revised terms begins
- Previous Related Notice: November 13, 2025 (Notice No. 20251113-61)
Impact Assessment
Investor Impact: The conversion from secured to unsecured NCDs represents a material change in the risk profile of these debt instruments. Secured NCDs are backed by collateral, providing investors with recourse to specific assets in case of default. Unsecured NCDs do not have such backing, making them higher risk. This change may affect:
- Credit ratings of the instruments
- Market valuation and pricing
- Investor appetite and liquidity
- Risk assessment for portfolio management
Market Operations:
- ISIN changes require system updates across trading platforms, depositories, and custodian systems
- Trading members must ensure proper mapping of old to new ISINs
- Potential impact on existing positions and holdings records
Company Context: Fortis Healthcare Ltd is a major healthcare services provider. The change in security status may reflect corporate restructuring, asset reallocation, or changes in the company’s capital structure strategy.
Impact Justification
Material change in security status from secured to unsecured NCDs affects investor rights and risk profile significantly for existing debenture holders