Description

ECL Finance Limited's non-convertible debentures to be listed on NSE capital market segment from December 01, 2025, pursuant to transfer from Edelweiss Retail Finance Limited through Scheme of Arrangement.

Summary

National Stock Exchange has notified the listing of Non-Convertible Debentures (NCDs) of ECL Finance Limited on its capital market segment with effect from December 01, 2025. This listing is pursuant to the transfer of securities from Edelweiss Retail Finance Limited to ECL Finance Limited through an approved Scheme of Arrangement. Two series of NCDs totaling 892,752 debentures will be admitted to trading.

Key Points

  • Two NCD series being listed: ECL 8.88% 2028 Sr V and ECL 9.25% 2028 Sr VI
  • Total securities: 892,752 debentures (409,205 + 483,547)
  • Securities transferred from Edelweiss Retail Finance Limited to ECL Finance Limited
  • Market lot size: 1 debenture for both series
  • Trading symbols: 888ECL28 (Series N1) and 925ECL28 (Series N2)
  • ISINs: INE528S07110 and INE528S07128

Regulatory Changes

No new regulatory changes introduced. This circular implements existing listing regulations pursuant to a Scheme of Arrangement approved for transferring securities between entities.

Compliance Requirements

  • Trading members must use designated security codes for these NCDs: 888ECL28 and 925ECL28
  • Trading must be conducted in specified lot sizes of 1 debenture
  • Members to update their systems to recognize the new symbols and ISINs before December 01, 2025
  • Securities identified only by designated codes on the trading system as per NSE (Capital Market) Trading Regulations Part A, Regulation 2.5.5

Important Dates

  • Circular Date: November 27, 2025
  • Effective Date: December 01, 2025
  • Listing Commencement: December 01, 2025

Impact Assessment

For Investors: Existing debenture holders of Edelweiss Retail Finance Limited will now hold equivalent securities in ECL Finance Limited. The coupon rates (8.88% and 9.25%) and maturity year (2028) remain unchanged, ensuring continuity of investment terms.

For Market: Minimal market disruption expected as this is an administrative transfer pursuant to corporate restructuring. The securities will continue trading under new symbols and ISINs.

For ECL Finance Limited: Adds approximately ₹892.75 crore worth of listed debt securities to its balance sheet (assuming par value of ₹1 lakh per debenture), strengthening its presence in the debt capital markets.

Liquidity Considerations: Market lot size of 1 provides flexibility for retail and institutional investors to trade in smaller quantities.

Impact Justification

Administrative listing of NCDs pursuant to approved scheme of arrangement. Medium impact for debenture holders and investors in ECL Finance debt securities, but low market-wide impact.