Clean Max Enviro Energy Solutions Limited has received final approval from BSE Limited for modifications to the terms of its listed Non-Convertible Debentures. The regulatory clearance converts the instruments from unsecured to secured status.

The approval, granted via notice dated September 30, 2026, pertains to amendments in the Debenture Trust Deed originally dated October 27, 2025. The Board of Directors had authorised these changes at a meeting held on July 31, 2026.

Key modifications to debenture terms

The approved changes primarily affect the security structure and the identification code of the instruments. The table below outlines the specific revisions:

Procedural timeline and compliance

The company initially intimated the proposed changes on August 14, 2026. Following the review process, BSE issued the final approval notice on September 30, 2026. The information was subsequently disclosed on the company's website and through stock exchange filings.

The debentures involved in this modification total 40,000 units, each with a face value of ₹1 lakh. The shift to secured status implies that these debt instruments now carry collateral backing, potentially altering their risk profile for investors compared to their previous unsecured classification.

Clean Max Enviro Energy Solutions Limited has listed ₹2,500 crore worth of green debt securities on the BSE Limited. The instruments, structured as Senior, Secured, Rated, Listed, Redeemable and Non-Convertible Debentures (NCDs), represent India's first green bond specifically for the commercial and industrial (C&I) renewable sector.

The listing approval was granted by the BSE Limited vide Notice No. 20260929-12 dated September 29, 2026. The allotment of these debentures was previously approved by the Stakeholders’ Relationship Committee on September 28, 2026. Each debenture carries a face value of ₹1 lakh, with a total of 2,50,000 securities issued across five distinct series.

Investor participation and credit rating

The issue attracted a marquee institutional book spanning development finance institutions such as IFC, NABFID and IIFCL, alongside banks, NBFCs and mutual funds. Key participants included Aditya Birla Capital, IDFC First Bank and Nippon India Mutual Fund. This issuance follows CleanMax’s first CRISIL rating of AA/Stable on both its corporate credit and its NCD program, assigned in September 2026.

Trust Investment Advisors Private Limited acted as the sole arranger for this structured NCD issuance. Cyril Amarchand Mangaldas served as legal counsel, while Catalyst Trusteeship Limited acted as the debenture trustee.

Series-wise allocation details

The total consideration received across five distinct series totals ₹2,500 crore, excluding securities premium. Series C and Series E include additional securities premium components. The securities are now listed under specific ISINs as detailed below:

Coupon rates and maturity profiles

Coupon rates range from 8.25% for the shortest duration to 8.76% for the longest duration. Interest is payable quarterly, while principal redemption follows the schedule specified in the offer document. Series D and Series E feature annual amortization starting from the 5th and 6th year respectively, while other series redeem at maturity.

Security structure and compliance

The NCDs are secured by charges over certain project assets of the issuer and specific subsidiaries or Special Purpose Vehicles (SPVs). The security package includes non-disposal undertakings for immovable properties, charges over inter-corporate loans, pledges over shares infused in SPVs, and charges over escrow accounts established for identified projects. The structure features a secured lock-box mechanism, described as the first of its kind in India's C&I renewable sector.

Issued under CleanMax's Green Bond Framework, the bonds are backed by a defined green-use-of-proceeds framework allocated for solar, wind, hybrid generation and battery storage projects. The Framework has been independently reviewed by CareEdge Advisory for alignment with applicable SEBI regulations and the ICMA Green Bond Principles, 2025. The disclosure was made pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What the Numbers Show

The pricing of the issue at 8.25% to 8.76% across tenors up to 10 years highlights the impact of the recent CRISIL AA/Stable rating. Nikunj Ghodawat, CFO, noted that the rating helped secure a tight spread in a volatile interest rate environment. This allows CleanMax to move beyond project-level financing to a broader base of institutional investors, adding a new layer of fixed-rate, long-term capital alongside its equity and existing debt.