Description
NSE announces listing of 9 series of non-convertible debentures of Piramal Finance Limited on the capital market segment effective November 07, 2025, pursuant to a Scheme of Arrangement transferring securities from Piramal Enterprises Limited.
Summary
The National Stock Exchange has approved the listing of 9 series of non-convertible debentures (NCDs) of Piramal Finance Limited on its capital market segment, effective November 07, 2025. These securities are being transferred from Piramal Enterprises Limited to Piramal Finance Limited pursuant to a Scheme of Arrangement. The debentures have varying maturity dates ranging from 2026 to 2035 and coupon rates between 9.05% and 9.5%.
Key Points
- Total of 9 NCD series being listed on NSE capital market segment
- Securities transferred from Piramal Enterprises Limited to Piramal Finance Limited
- Transfer pursuant to a Scheme of Arrangement
- All securities have a market lot size of 1
- Coupon rates range from 9.05% to 9.5%
- Maturity years span from 2026 to 2035
- Total securities across all series: 2,670,922 debentures
- Largest series: PFL 9.05% Sr II 2026 with 1,313,472 securities
- Each series has unique ISIN codes starting with INE140A07
Securities Details
Series Being Listed:
- PFL 9.35% 2026 (Symbol: 935PFL26) - 15,000 securities, ISIN: INE140A07799
- PFL 9.5% 2034 (Symbol: 95PFL34) - 15,500 securities, ISIN: INE140A07807
- PFL 9.1% 2035 (Symbol: 91PFL35) - 21,500 securities, ISIN: INE140A07815
- PFL 9.3% 2029 (Symbol: 930PFL29) - 12,500 securities, ISIN: INE140A07823
- PFL 9.12% 2027 (Symbol: 912PFL27) - 15,000 securities, ISIN: INE140A07831
- PFL 9.19% 2028 (Symbol: 919PFL28) - 5,000 securities, ISIN: INE140A07849
- PFL 9.05% Sr II 2026 (Symbol: 905PFL26) - 1,313,472 securities, ISIN: INE140A07740
- PFL 9.2% Sr III 2028 (Symbol: 920PFL28) - 727,502 securities, ISIN: INE140A07765
- PFL 9.35% Sr IV 2033 (Symbol: 935PFL33) - 558,948 securities, ISIN: INE140A07773
Regulatory Changes
This listing is pursuant to Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, which governs the admission of securities to dealings on the exchange. The transfer mechanism follows the statutory requirements for Schemes of Arrangement under applicable corporate laws.
Compliance Requirements
- Securities will be identified by designated codes specified in the circular for trading purposes
- Trading must be conducted in specified lot sizes (market lot of 1 for all series)
- Members must update their systems to recognize the new security codes and symbols
- Debenture holders should note the change in issuer entity from Piramal Enterprises Limited to Piramal Finance Limited
Important Dates
- Circular Issue Date: November 04, 2025
- Effective Date for Trading: November 07, 2025
- Maturity Dates: Range from 2026 to 2035 depending on the series
Impact Assessment
Market Impact:
- Existing debenture holders of Piramal Enterprises Limited will now hold securities of Piramal Finance Limited
- The restructuring may affect trading patterns and liquidity as market participants adjust to the new entity
- The scheme represents a corporate reorganization that consolidates financing activities under Piramal Finance Limited
Investor Impact:
- No immediate action required from debenture holders as the transfer is automatic under the Scheme of Arrangement
- Investors should monitor any changes in credit ratings or risk profiles of the new issuer entity
- The debt obligations remain intact with the same coupon rates and maturity dates
Operational Impact:
- Brokers and trading members must update their systems with new security codes and symbols
- Settlement and clearing processes will need to reflect the new issuer entity
- Market lot size of 1 provides flexibility for retail investors to participate in trading
Impact Justification
Transfer of 9 NCD series from Piramal Enterprises to Piramal Finance through corporate restructuring. Medium impact as it affects existing debenture holders and creates new trading instruments.