Description
BSE notifies revision to terms of debt securities (ISIN: INE04AP07016) issued by Sadbhav Gadag Highway Private Limited, including changes to interest rate, tenure, redemption schedule, and security/charge structure.
Summary
BSE has notified a revision to the terms of listed debt securities issued by Sadbhav Gadag Highway Private Limited (SGHPL) bearing ISIN INE04AP07016. The revision covers changes to the rate of interest, tenure (maturity date), redemption schedule, and security/charge structure, effective from June 1, 2026 for the new interest rate terms.
Key Points
- ISIN: INE04AP07016 (Sadbhav Gadag Highway Private Limited)
- Interest rate revised from 13% p.a. (semi-annual) to a split structure: 10% p.a. payable semi-annually + accrued component
- Tenure extended from October 31, 2028 to July 28, 2029
- Redemption schedule revised with new instalment dates and percentages
- Security and charge structure has been updated
- Personal Guarantee of Promoter (Mr. Shashin Patel) added as security
Regulatory Changes
Rate of Interest:
- Existing: 13% p.a. payable semi-annually until May 31, 2026
- Revised (till May 31, 2026): 10% p.a. payable semi-annually + 3% accrued monthly, payable on maturity; 20% p.a. payable semi-annually
- Revised (w.e.f. June 1, 2026): 14.5% p.a. payable semi-annually = 10% p.a. payable semi-annually + 4.5% accrued monthly, payable on maturity
Tenure:
- Existing: October 31, 2028
- Revised: July 28, 2029
Compliance Requirements
- Bondholders and market participants should note the revised terms for ISIN INE04AP07016
- Trustees and registrars must update records to reflect the new redemption schedule, interest terms, and security structure
- SGHPL must comply with the revised security/charge obligations including the new personal guarantee requirement
Important Dates
Revised Redemption Schedule:
| Date | Repayment % |
|---|---|
| 31-01-2026 | 3.84% |
| 31-07-2026 | 8.27% |
| 31-01-2027 | 10.34% |
| 31-07-2027 | 12.41% |
| 31-01-2028 | 13.44% |
| 31-07-2028 | 15.51% |
| 31-01-2029 | 16.54% |
| 28-07-2029 | 19.65% |
Previous Redemption Schedule (for reference):
| Date | Repayment % |
|---|---|
| 30-Apr-2026 | 13.10% |
| 31-Oct-2026 | 14.04% |
| 30-Apr-2027 | 14.64% |
| 31-Oct-2027 | 12.61% |
| 30-Apr-2028 | 17.93% |
| 31-Oct-2028 | 27.68% |
- New interest rate structure effective: June 1, 2026
- New maturity date: July 28, 2029
Impact Assessment
This is a significant restructuring of SGHPL’s listed debt securities. The maturity has been extended by approximately 9 months (from October 2028 to July 2029), and the interest payment structure has been altered to defer a portion of interest (accrued monthly, payable at maturity). The revised redemption schedule spreads repayments more evenly across semi-annual intervals. The addition of a personal guarantee from promoter Mr. Shashin Patel enhances bondholder security, but the deferral of part of the interest payment and extension of tenure indicate potential liquidity stress at SGHPL. Existing bondholders should assess the revised cash flow profile against their investment mandates.
Impact Justification
Material revision to debt security terms including interest rate structure, extended maturity, and revised redemption schedule affects bondholders significantly.