Description

NSE lists four privately placed debt securities from IndoStar Capital Finance Limited and ESAF Small Finance Bank Limited on capital market segment effective January 28, 2026.

Summary

National Stock Exchange has admitted four privately placed debt securities to trading on the capital market segment effective January 28, 2026. The securities include three bonds from IndoStar Capital Finance Limited with coupon rates ranging from 8.85% to 9.1% and maturities between 2028-2029, and one bond from ESAF Small Finance Bank Limited with an 11.65% coupon rate maturing in 2032. All securities will trade with a market lot size of 1.

Key Points

  • Four debt securities admitted to NSE capital market segment
  • IndoStar Capital Finance Limited: Three bonds (8.85%, 8.9%, and 9.1% coupon rates)
  • ESAF Small Finance Bank Limited: One bond (11.65% coupon rate)
  • All securities have market lot size of 1
  • Trading symbols: 885ICFL28, 1165ESFB32, 91ICFL29, 89ICFL28

Securities Details

IndoStar Capital Finance Limited - ICFL 8.85% 2028

  • Symbol: 885ICFL28
  • ISIN: INE896L07AN0
  • Coupon Rate: 8.85%
  • Maturity Date: May 22, 2028

ESAF Small Finance Bank Limited - ESFB 11.65% 2032 Sr 4

  • Symbol: 1165ESFB32
  • ISIN: INE818W08164
  • Coupon Rate: 11.65%
  • Maturity Date: February 23, 2032

IndoStar Capital Finance Limited - ICFL 9.1% 2029

  • Symbol: 91ICFL29
  • ISIN: INE896L07AO8
  • Coupon Rate: 9.1%
  • Maturity Date: January 22, 2029

IndoStar Capital Finance Limited - ICFL 8.9% 2028

  • Symbol: 89ICFL28
  • ISIN: INE896L07AM2
  • Coupon Rate: 8.9%
  • Maturity Date: July 24, 2028

Regulatory Changes

No regulatory changes. This is a routine listing notification pursuant to Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A.

Compliance Requirements

  • Securities to be identified by designated codes only for trading purposes
  • Trading must be conducted in specified lot sizes (market lot of 1 for all securities)
  • Members must update their systems with new security codes and specifications

Important Dates

  • Circular Issue Date: January 27, 2026
  • Effective Date: January 28, 2026
  • Trading commencement: January 28, 2026

Impact Assessment

Minimal market-wide impact. This is a routine administrative listing of privately placed debt securities that provides secondary market liquidity for existing bondholders. The listing affects only investors holding these specific securities and does not have broader implications for equity markets or general trading operations. The relatively small number of securities and private placement nature limits the impact to a narrow segment of institutional and qualified investors.

Impact Justification

Routine listing of privately placed debt securities with limited market-wide impact, primarily relevant to specific bondholders and issuers