Piramal Enterprises Limited has informed the Exchange regarding 'Piramal Enterprises Limited has informed the Exchange regarding ''Modification in the Step Up/Step Down Coupon Rate and Mandatory Redemption Event mentioned in the Key Information Document and/or any other relevant document(s) in relation to Non-Convertible Debentures ( NCDs ) issued by the Company under ISINs INE140A07831 & INE140A07849"'.
Awaiting price reaction for this filing.
Piramal Enterprises has modified the terms of its Non-Convertible Debentures (NCDs) issued under two ISINs (INE140A07831 and INE140A07849). The Step Up clause now specifies that if the company's long-term rating is downgraded from its current AA, the coupon rate will increase by 0.25% per notch down to A+, and by an additional 1% if further downgraded to A. The Step Down clause provides for a corresponding reduction in coupon rate if the rating is subsequently upgraded. Additionally, the Mandatory Redemption Event has been revised to require the company to redeem the NCDs if its long-term rating falls to A- or below (four notches below the current AA rating). The Administrative Committee approved these changes at its meeting on 23rd July 2025.
This is a routine amendment to existing bond terms and does not change the principal amount or current coupon payments. It formalizes the protective mechanisms for NCD holders against credit risk. There is no immediate impact on shareholders, and the changes do not signal any current financial stress or rating action by the company.