PCBL Chemical Limited has announced that its Fund Raising Committee approved amendments to the debenture trust deed dated January 20, 2024, seeking to defer the testing of financial covenants for the financial year 2025-2026. The decision was made at a committee meeting held on March 9, 2026, as communicated to stock exchanges under SEBI Listing Regulations.

Official Communication and Documentation

The company has issued formal intimation to NSE and BSE regarding the Fund Raising Committee meeting outcome. Company Secretary and Chief Legal Officer K. Mukherjee digitally signed the communication on March 9, 2026, referencing the company's earlier letter dated March 4, 2026. The communication was made pursuant to Regulations 30 and 51 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Debenture Holders Meeting Details

The company has requested Catalyst Trusteeship Limited, acting as the debenture trustee, to convene a meeting of debenture holders on March 13, 2026, on shorter notice. The meeting will address amendments to the debenture trust deed for non-convertible debentures aggregating up to ₹700 crores (ISIN: INE602A07020).

Proposed Amendments and Approval Requirements

The meeting agenda includes two key items requiring different levels of approval from debenture holders. Agenda Item 1 seeks to defer the testing of the financial covenant on "Consolidated Gross Debt / EBITDA" for the financial year 2025-2026, requiring Special Approval representing more than 75% of outstanding debentures. Agenda Item 2 involves ratification and confirmation of procedural matters, including the conduct of the meeting through Microsoft Teams, requiring Simple Approval representing more than 50% of outstanding debentures.

Trustee Communication to Debenture Holders

Catalyst Trusteeship Limited has begun reaching out to debenture holders based on the latest beneficial position received from the issuer company dated February 27, 2026. The trustee sent communications on March 9, 2026, seeking approval from debenture holders for calling the meeting on shorter notice to amend the debenture trust deed.

Business Rationale and Regulatory Compliance

According to the company's explanatory statement, the proposed deferral of financial covenant testing is intended to support and implement planned growth and business expansion initiatives. The existing debenture trust deed contains financial covenants on "Consolidated Gross Debt / EBITDA" as outlined in Schedule V of the agreement. The original debenture trust deed was executed on January 20, 2024, and has been previously amended through a first amendment deed dated January 27, 2024, and a second amendment deed dated March 20, 2025.

PCBL Chemical Limited has received reaffirmed credit ratings from ICRA Limited for various financial instruments totaling Rs. 2,400.00 crores. The rating agency communicated its decision on 12th February, 2026, maintaining existing ratings across multiple credit facilities and instruments.

Credit Rating Details

ICRA Limited has reaffirmed ratings for five different financial instruments of the company. The rating actions cover both long-term and short-term credit facilities across various categories.

Rating Categories

The reaffirmed ratings include both long-term and short-term categories. Long-term instruments totaling Rs. 1,900.00 crores received [ICRA]AA(Negative) ratings, while the Commercial Paper facility of Rs. 500.00 crores maintained its [ICRA]A1+ rating.

The largest single facility is the Non-Convertible Debentures program worth Rs. 700.00 crores, followed by the Term Loan facility of Rs. 583.10 crores. The Working Capital Term Loan stands at Rs. 480.00 crores, with an additional Long Term-Unallocated facility of Rs. 136.90 crores.

Regulatory Compliance

PCBL Chemical Limited has informed both National Stock Exchange of India Limited and BSE Limited about the credit rating reaffirmations as per regulatory requirements. The company secretary and chief legal officer K. Mukherjee signed the disclosure document on 12th February, 2026.

The company, formerly known as PCBL Limited, maintains its registered office at 31 Netaji Subhas Road, Kolkata, and corporate office at RPSG House in Kolkata. The rating reaffirmations provide continuity in the company's credit profile across its diverse funding requirements.