Description

BSE announces the listing of three series of secured, rated, redeemable non-convertible debentures issued by Prachay Capital Limited with varying tenures and coupon rates.

Summary

BSE has listed three series of secured, rated, redeemable non-convertible debentures (NCDs) issued by Prachay Capital Limited (formerly Prachay Capital Private Limited). The NCDs have a face value of Rs. 1,000 each, with monthly interest payment frequency and varying tenures ranging from 13 months to 5 years. All series carry CRISIL BBB-/Stable rating.

Key Points

  • Issuer: Prachay Capital Limited (formerly Prachay Capital Private Limited)
  • Security Type: Listed, Rated, Secured, Redeemable Non-Convertible Debentures
  • Face Value: Rs. 1,000 per NCD
  • Issue Price: Rs. 1,000 per NCD (at par)
  • Date of Allotment: December 29, 2025
  • Interest Payment: Monthly frequency for all series
  • Market Lot: One NCD
  • Credit Rating: CRISIL BBB-/Stable by CRISIL Ratings Limited

Series Details

Series I (Scrip Code: 940837)

  • Scrip ID: 125PCL28
  • ISIN: INE0IID07744
  • Number of Securities: 287,010
  • Coupon Rate: 12.50% per annum
  • Effective Yield: 13.24% per annum
  • Redemption Date: December 29, 2028 (3-year tenure)
  • Redemption Amount: Rs. 1,000 per NCD
  • First Interest Payment: January 31, 2026

Series II (Scrip Code: 940839)

  • Scrip ID: 1275PCL29
  • ISIN: INE0IID07751
  • Number of Securities: 8,739
  • Coupon Rate: 12.75% per annum
  • Effective Yield: 13.52% per annum
  • Redemption Date: December 29, 2029 (4-year tenure)
  • Redemption Amount: Rs. 1,000 per NCD
  • First Interest Payment: January 31, 2026

Series III (Scrip Code: 940841)

  • Scrip ID: 13PCL30A
  • ISIN: INE0IID07769
  • Number of Securities: 604,578
  • Coupon Rate: 13.00% per annum
  • Effective Yield: 13.80% per annum
  • Redemption Date: December 29, 2030 (5-year tenure)
  • Redemption Amount: Rs. 1,000 per NCD
  • First Interest Payment: January 31, 2026

Call Option Provision

The issuer has the right (but no obligation) to recall or redeem outstanding debentures (fully or partially) on call dates, exercisable any time after 1 year from the deemed date of allotment, prior to the scheduled redemption date.

Key Terms:

  • Partial recall/redemption will be on proportionate basis only
  • Call option is exercisable separately for each series of NCDs (i.e., at each ISIN level)
  • Earliest call date: December 29, 2026 (1 year after allotment)

Compliance Requirements

  • NCDs are now available for trading on BSE’s debt market segment
  • Market participants can trade these securities using the respective scrip codes and ISINs
  • Standard debt market trading and settlement norms apply

Important Dates

  • Allotment Date: December 29, 2025
  • First Interest Payment Date: January 31, 2026 (all series)
  • Earliest Call Option Date: December 29, 2026
  • Series I Redemption: December 29, 2028
  • Series II Redemption: December 29, 2029
  • Series III Redemption: December 29, 2030

Impact Assessment

This is a routine debt listing with minimal market-wide impact. The listing provides:

  • Additional investment options for debt market participants seeking rated corporate paper
  • Monthly income opportunity with yields ranging from 13.24% to 13.80%
  • Secured instruments with BBB- rating suitable for conservative investors
  • Enhanced liquidity for NCD holders through exchange platform

The total issue size across three series is approximately 900,327 NCDs, representing Rs. 90.03 crore in debt capital. The impact is limited to debt investors and the issuing company, with no broader market implications.

Impact Justification

Routine listing of corporate debt securities with limited market-wide impact, relevant primarily to NCD investors and the issuing company