Description

BSE notifies that two NCD scrips of Grand Hills Developments Private Limited will trade with revised terms effective February 27, 2026, changing mode of security from Unsecured NCDs to Secured NCDs with new ISINs assigned.

Summary

BSE has issued an update (Notice No. 20260226-12), in continuation of Notice No. 20260105-22 dated January 5, 2026, regarding debt securities of Grand Hills Developments Private Limited. Effective Friday, February 27, 2026, two NCD scrip codes will be available for trading under revised terms. The key revision is a change in the mode of security from Unsecured NCDs to Secured NCDs, accompanied by new ISINs for both instruments.

Key Points

  • This notice is a continuation of earlier Notice No. 20260105-22 dated January 5, 2026
  • Two scrip codes are affected: 977284 and 977285
  • Both securities are being upgraded from Unsecured NCDs to Secured NCDs
  • New ISINs have been assigned to reflect revised terms:
    • Scrip Code 977284: Old ISIN INE0DWX08023 → New ISIN INE0DWX07033
    • Scrip Code 977285: Old ISIN INE0DWX08015 → New ISIN INE0DWX07041
  • Revised terms are effective from February 27, 2026 (Friday)
  • Contact: Ms. Pooja Trivedi (+91 22 2272 8844) / Hardik Bhuta (AVP) at debt.listing@bseindia.com

Regulatory Changes

The mode of security for both NCDs is being changed from Unsecured to Secured, representing a fundamental revision to the original terms of issuance. This upgrade materially alters the credit risk profile of the instruments. New ISINs (INE0DWX07033 and INE0DWX07041) replace the previous ISINs (INE0DWX08023 and INE0DWX08015) to reflect the changed instrument characteristics.

Compliance Requirements

  • Trading members must update their systems with the new ISINs for Scrip Codes 977284 and 977285 before trading commences on February 27, 2026
  • All references to the old ISINs (INE0DWX08023 and INE0DWX08015) must be replaced with the new ISINs
  • Members with existing positions in these securities should note the reclassification and its implications
  • For clarifications, trading members should contact BSE Debt Listing officials directly

Important Dates

  • January 5, 2026: Original notice (20260105-22) issued regarding these securities
  • February 26, 2026: This update notice issued
  • February 27, 2026: Effective date — revised terms and new ISINs become operative for trading

Impact Assessment

The upgrade from Unsecured to Secured NCDs is a positive development for bondholders, as it provides collateral backing that was previously absent, reducing credit risk. However, this is a material change that affects the terms originally agreed upon at issuance. Trading members and investors holding or trading these instruments must update ISIN references immediately to avoid settlement failures. The change in ISIN means any existing orders or system configurations referencing the old ISINs will need to be updated before February 27, 2026. Investors should reassess valuations given the improved security status.

Impact Justification

Reclassification from Unsecured to Secured NCDs is a material change in the nature of debt instruments affecting bondholder risk profile and trading. New ISINs require system updates by all trading members dealing in these securities.