Description

Revision of security terms for debentures (ISIN INE12W707021 and INE12W707013) issued by Ecobox Industrials Asset I Private Limited, including changes to collateral structure and guarantors.

Summary

BSE has issued an update regarding revisions to the security terms for debt securities issued by Ecobox Industrials Asset I Private Limited. The changes affect two ISINs (INE12W707021 and INE12W707013) and involve modifications to the collateral structure, including replacement of share pledges with mortgages over operational warehousing assets, addition of new guarantors (RVK Industrial Park Private Limited), and expansion of asset charges.

Key Points

  • Security terms revised for ISIN INE12W707021 and INE12W707013
  • Share pledge over 100% of KVR Industrial Park Private Limited, Indospace Chittoor Private Limited, and Indospace Chittoor II Private Limited removed
  • New guarantor added: RVK Industrial Park Private Limited
  • Mortgage added over operational warehousing assets located at Pune and Chittoor with leasable area of 2.6 million square feet and 419,028 square metres of land
  • Assets owned by KVR Industrial Park Private Limited, RVK Industrial Park Private Limited, Indospace Chittoor Private Limited, and Indospace Chittoor II Private Limited now included as collateral
  • Charge over all present and future assets expanded to include additional entities
  • Corporate guarantees restructured to include RVK Industrial Park Private Limited

Regulatory Changes

No new regulatory framework changes. This is a material modification to existing debt security terms requiring disclosure to the exchange and debenture holders.

Compliance Requirements

  • Issuer must ensure all revised security documentation is executed within timelines specified in Transaction Documents
  • Creation and perfection of mortgages over warehousing assets at Pune and Chittoor
  • Execution of corporate guarantees by all specified guarantor entities
  • Registration of charges with relevant authorities
  • Compliance with SEBI debt listing requirements for material modifications

Important Dates

  • Circular Date: December 29, 2025
  • Specific timelines for security creation to be as per Transaction Documents (not specified in circular)

Impact Assessment

Credit Impact: The revision appears to strengthen the security structure by replacing equity pledges with tangible asset mortgages (2.6 million sq ft of operational warehousing assets) and adding an additional corporate guarantor (RVK Industrial Park Private Limited). This may positively impact the credit profile of the debentures.

Debenture Holders: Enhanced collateral coverage with physical assets and broader charge over present and future assets of multiple entities provides better security cushion.

Operational Impact: The addition of mortgage over operational warehousing assets may impose restrictions on the ability of guarantor entities to dispose of or encumber these properties without debenture trustee consent.

Impact Justification

Material changes to security structure of listed debt instruments affecting debenture holders and credit profile