Announcement under Regulation 30 of LODR relating to modification in the interest payment clause under existing terms of NCDs as well as creation of security and other matters.
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Awaiting price reaction for this filing.
Steelco Gujarat's Board, on March 12, 2026, approved changes to the interest payment schedule on its existing listed, secured Non-Convertible Debentures (NCDs). The interest payment date has been shifted from the last day of each quarter to the first day of each fiscal quarter. Additionally, property owned by two third-party developers — Eesan Estate Developers Pvt Ltd and Sanish Developers Pvt Ltd — is being offered as fresh collateral security to the Debenture Trustee (Vistra ITCL India Ltd) for the benefit of NCD holders. These changes were made on the instructions and approval of the Debenture Holders and Debenture Trustee, subject to BSE approval. Separately, the Board deferred the Rights Issue agenda and adjourned the meeting sine die.
Modifying existing NCD terms and pledging third-party property as additional collateral suggests the company is renegotiating with debenture holders, which could indicate cash flow or debt-servicing pressure. The deferral of the Rights Issue is a mild negative for shareholders expecting fresh equity, as it signals possible difficulty in timing a capital raise.