Description
BSE notifies trading members of revised terms for Grand Hills Developments Private Limited's NCDs, changing from unsecured to secured, with new ISINs effective February 27, 2026.
Summary
BSE has issued an update (Notice No. 20260226-12) in continuation of Notice No. 20250105-22 dated January 5, 2026, regarding the debt securities of Grand Hills Developments Private Limited. The key change involves a revision of terms for two scrip codes — shifting the classification of the NCDs from Unsecured to Secured, accompanied by new ISINs, effective from Friday, February 27, 2026.
Key Points
- Two scrip codes (977284 and 977285) are affected by the revised terms.
- The mode of security changes from Unsecured NCDs to Secured NCDs.
- Both scrip codes will carry new ISINs replacing the previously assigned ones.
- The change is effective from February 27, 2026.
- This notice is a continuation of an earlier circular dated January 5, 2026.
Regulatory Changes
The terms of the Non-Convertible Debentures (NCDs) issued by Grand Hills Developments Private Limited have been revised as follows:
| Scrip Code | Old ISIN | New ISIN |
|---|---|---|
| 977284 | INE0DWX08023 | INE0DWX07033 |
| 977285 | INE0DWX08015 | INE0DWX07041 |
The security type transitions from Unsecured NCDs to Secured NCDs for both instruments.
Compliance Requirements
- Trading Members must update their records to reflect the new ISINs for Scrip Codes 977284 and 977285.
- Members should ensure that trading in these securities from February 27, 2026 is conducted under the revised terms and new ISINs.
- For clarifications, members may contact:
- Ms. Pooja Trivedi — +91 22 2272 8844 | debt.listing@bseindia.com
- Hardik Bhuta, Assistant Vice President
Important Dates
- Notice Date: February 26, 2026
- Effective Date: February 27, 2026 (revised terms and new ISINs apply)
- Reference Notice: 20250105-22 dated January 5, 2026
Impact Assessment
The conversion of these NCDs from unsecured to secured status is a materially significant change for existing and prospective holders, as it improves creditor protection in the event of default. The assignment of new ISINs requires trading members to update position and reference data systems accordingly. Market impact is contained to holders and traders of these specific scrip codes; however, the nature of the change (security upgrade) is generally positive for bondholders.
Impact Justification
Material change to NCD security type from unsecured to secured affects risk profile for existing holders; limited to a private issuer's debt securities with two scrip codes.