Description

BSE circular detailing proposed amendments to the security structure for debentures of Equinox India Infraestate Limited (formerly Indiabulls Infraestate Limited), scrip code 977168 / ISIN INE741X07077, replacing Common Security Trustee arrangements with a revised set of security interests under the Debenture Trustee.

Summary

BSE has published an update regarding the debt securities of Equinox India Infraestate Limited (formerly Indiabulls Infraestate Limited), scrip code 977168 / ISIN INE741X07077. The circular outlines a proposed amendment (Annexure A) to the security structure governing the outstanding debentures, replacing the existing Common Security Trustee arrangement with a revised framework under the Debenture Trustee.

Key Points

  • Issuer: Equinox India Infraestate Limited (formerly Indiabulls Infraestate Limited)
  • Scrip Code: 977168 | ISIN: INE741X07077
  • The existing security was held by a Common Security Trustee on a first ranking pari passu basis covering immovable and movable assets of the Obligors
  • The proposed amendment consolidates security under the Debenture Trustee with a restructured set of security interests
  • New security package covers the Blu Project and Blu Project Property assets specifically, excluding Summit Project assets

Regulatory Changes

The proposed amendment restructures the security package as follows:

Existing Provision: First ranking pari passu charge (shared with Summit Debenture secured parties) over all immovable assets, movable assets, and bank accounts of the Obligors (excluding HoldCo), held by the Common Security Trustee.

Proposed Amendment: Security to be held by the Debenture Trustee comprising:

  • (a) First ranking Security Interest over assets related to the Blu Project and Blu Project Property (excluding Excluded Assets)
  • (b) First ranking Pledge over 99.9997% of fully paid-up equity share capital and voting rights of the Company (fully diluted basis)
  • (c) First ranking Pledge over 99.9994% of fully paid-up equity share capital and voting rights of Spero (fully diluted basis)
  • (d) Corporate guarantees from Spero and HoldCo as contractual comforts
  • (e) First ranking Security Interest over Subordination Receivables (receivables of subordinated loans extended to Spero and the Company)
  • (f) Undated Cheques issued by HoldCo

Compliance Requirements

  • Existing debenture holders and trustees are required to review the proposed amendment to security structure
  • The Debenture Trustee will replace the Common Security Trustee as the holder of security interests
  • Obligors must execute updated security documentation in accordance with the Debenture Trust Deed

Important Dates

  • Circular Date: 27 February 2026
  • No specific effective date or deadline mentioned in the available content; refer to the full circular and Debenture Trust Deed for applicable timelines

Impact Assessment

The amendment is material for existing holders of debentures of Equinox India Infraestate Limited (ISIN INE741X07077). The restructured security package narrows the collateral base from a broad pari passu charge across all Obligor assets to a focused set of interests specifically tied to the Blu Project, equity pledges in the Company and Spero, and subordination receivables. Debenture holders should assess whether the revised security package is adequate relative to the outstanding debenture obligations. The removal of pari passu sharing with Summit Debenture secured parties may alter the relative priority and recovery profile for existing bondholders.

Impact Justification

Structural amendment to debenture security arrangements affects debenture holders of a single issuer; no broad market impact but material for existing bondholders of Equinox India Infraestate Limited.