Description

Revision of security terms for debt instruments ISIN INE12W707021 and INE12W707013, including changes to corporate guarantees, mortgages, and pledges.

Summary

BSE has issued an update regarding changes to the security terms of debt securities issued by Ecobox Industrials Asset I Private Limited. The circular outlines revisions to two ISINs (INE12W707021 and INE12W707013), replacing share pledge-based security with a combination of corporate guarantees, mortgages over operational warehousing assets, and charges over present and future assets.

Key Points

  • Two debenture ISINs affected: INE12W707021 and INE12W707013
  • Removal of 100% share pledge over KVR Industrial Park Private Limited, Indospace Chittoor Private Limited, and Indospace Chittoor II Private Limited
  • Addition of RVK Industrial Park Private Limited as a new guarantor entity
  • Introduction of mortgages over operational warehousing assets with leasable area of 2.6 million square feet and 419,028 square metres of land located at Pune and Chittoor
  • Corporate guarantees now provided by four entities: KVR Industrial Park Private Limited, RVK Industrial Park Private Limited, Indospace Chittoor Private Limited, and Indospace Chittoor II Private Limited
  • Comprehensive charge over all present and future assets of guarantor entities and the issuer
  • Subordination of intercompany loans maintained in revised structure

Regulatory Changes

The security structure for both debenture series has been fundamentally restructured from equity pledge-based security to asset-backed security with corporate guarantees.

For ISIN INE12W707021:

  • Removed: Pledge over 100% shares of three entities
  • Added: RVK Industrial Park Private Limited as guarantor; Mortgages over operational warehousing assets; Charges over all present and future assets

For ISIN INE12W707013:

  • Removed: Pledge over 100% shares of three entities
  • Added: RVK Industrial Park Private Limited as guarantor; Mortgages over operational warehousing assets (2.6 msft leasable area and 419,028 sq metres land)
  • Restructured: Comprehensive asset charge framework covering KVR Industrial Park, RVK Industrial Park, Indospace Chittoor, and Indospace Chittoor II entities

Compliance Requirements

Debenture holders should:

  • Review the revised security structure and assess impact on their debt holdings
  • Note the change from share pledge to operational asset-backed security
  • Monitor the newly added RVK Industrial Park Private Limited entity as additional guarantor
  • Review transaction documents for specific timelines and manner of security creation

Important Dates

  • Circular Date: December 29, 2025
  • Specific timelines for security creation to be detailed in transaction documents

Impact Assessment

Market Impact: Medium - affects specific debenture holders of Ecobox Industrials Asset I Private Limited

Security Impact: The revised structure provides:

  • Enhanced diversification through additional guarantor (RVK Industrial Park)
  • Tangible asset backing through mortgages over 2.6 million sq ft of operational warehousing facilities
  • Comprehensive charge over present and future assets providing broader security coverage
  • Potential reduction in liquidity risk by replacing share pledges with operational asset mortgages

Credit Impact: The substitution of equity pledges with operational asset mortgages and corporate guarantees may alter the risk profile for debenture holders, requiring reassessment of credit quality and recovery prospects.

Impact Justification

Material changes to security structure of debt instruments affecting debenture holders, replacing share pledges with corporate guarantees and mortgages over operational assets