Description
NSE notifies the listing of privately placed debt securities and commercial papers transferred from Piramal Enterprises Limited to Piramal Finance Limited through a Scheme of Arrangement, effective November 07, 2025.
Summary
The National Stock Exchange of India has admitted privately placed debt securities of Piramal Finance Limited (formerly part of Piramal Enterprises Limited) to dealings on the Debt Market Segment effective November 07, 2025. This listing is pursuant to the transfer of securities from Piramal Enterprises Limited to Piramal Finance Limited through a Scheme of Arrangement. The circular lists 27 securities including 9 debentures (DB) and 18 commercial papers (CP) with their respective ISIN codes, maturity dates, and designated security codes.
Key Points
- 27 debt securities transferred from Piramal Enterprises Limited to Piramal Finance Limited
- 9 non-convertible debentures with maturities ranging from February 2026 to February 2035
- 18 commercial papers with maturities ranging from November 2025 to May 2026
- Face values: Debentures at Rs. 100,000 to Rs. 1,000,000; Commercial Papers at Rs. 500,000
- Total debenture issues: 84,250 bonds across 9 series
- Total commercial paper issues: 32,400 papers across 18 series
- Debenture coupon rates range from 8.75% to 9.75%
Regulatory Changes
No new regulatory changes introduced. This circular implements existing regulations under Regulation 3.1.1 of the National Stock Exchange Debt Market (Trading) Regulations for listing securities transferred through a Scheme of Arrangement.
Compliance Requirements
- Members must note the new security codes for Piramal Finance Limited debt securities
- Trading systems should be updated with the designated ISIN codes and security codes for all 27 securities
- Market participants dealing in these securities must recognize the transfer from Piramal Enterprises Limited to Piramal Finance Limited
- All trading in these securities on the debt market segment to commence from November 07, 2025
Important Dates
- Circular Date: November 04, 2025
- Listing Effective Date: November 07, 2025
- Debenture Maturities: Range from February 26, 2026 to February 23, 2035
- Commercial Paper Maturities: Range from November 12, 2025 to May 21, 2026
Impact Assessment
Market Impact: Medium - affects debt market participants holding or trading Piramal securities. The scheme of arrangement results in administrative transfer without affecting the underlying terms of the securities.
Investor Impact: Existing bondholders and commercial paper holders will see their securities now issued by Piramal Finance Limited instead of Piramal Enterprises Limited, though the terms remain unchanged.
Operational Impact: Trading members and custodians need to update their systems to reflect the new issuer entity and security codes. Settlement and custody arrangements remain on the NSE debt market platform.
Liquidity Impact: No immediate impact on liquidity as the securities continue to be listed and tradable. The total outstanding value across all securities is substantial, representing significant debt market activity for Piramal Finance Limited.
Impact Justification
Medium importance as this involves transfer of debt securities through scheme of arrangement affecting debt market participants and investors in Piramal securities. Not high impact as it's an administrative transfer rather than new issuance.