Steelco Gujarat Limited Board Approves NCD Interest Payment Modifications and Additional Security Arrangements

1 min read Updated on 12 Mar 2026, 08:01 PM

Reviewed by

Jubin VScanX News Team

Overview

Steelco Gujarat Limited's board meeting on 12th March, 2026, approved key modifications to NCD interest payment terms, changing from quarterly payments on the last day to the first day of each fiscal quarter. The board also sanctioned additional collateral security through properties owned by Eesan Estate Developers Private Limited and Sanish Developers Private Limited, with Vistra ITCL (India) Limited serving as debenture trustee. Rights issue discussions were deferred sine die, with future meeting dates to be announced.

*this image is generated using AI for illustrative purposes only.

Steelco Gujarat Limited held a crucial board meeting on 12th March, 2026, resulting in significant modifications to its Non-Convertible Debentures (NCDs) structure and related security arrangements. The board addressed key changes to existing debt instruments while postponing discussions on equity fundraising initiatives.

NCD Interest Payment Structure Revised

The board approved substantial modifications to the interest payment mechanism for existing NCDs. The changes specifically target the Fixed Interest Payment Date definition, representing a shift in the company's debt servicing approach.

Parameter:	Details
Existing Term:	Interest payable quarterly on the last day of each quarter
Revised Term:	Interest payable on the first day of each fiscal quarter
Implementation:	Commencing from fiscal quarter immediately succeeding the deemed date of allotment
Final Payment:	Last Fixed Interest Payment Date coincides with Final Settlement Date

Enhanced Security Arrangements

The board sanctioned the creation of additional security over properties owned by two affiliated entities. This decision strengthens the collateral framework for debenture holders and enhances the overall security structure of the listed NCDs.

The security arrangements involve:

Eesan Estate Developers Private Limited - Property to serve as collateral security
Sanish Developers Private Limited - Additional property-based security
Debenture Trustee: Vistra ITCL (India) Limited manages security arrangements
Trust Deed Date: December 03, 2026

Regulatory Compliance and Approvals

Both approved modifications were undertaken following specific instructions and approval from debenture holders and the debenture trustee. The implementation remains subject to approval from BSE Limited, ensuring full regulatory compliance under SEBI LODR Regulations.

Rights Issue Deferred

The board deferred all business relating to the rights issue, with the meeting adjourned sine die on this matter. The company indicated that intimation regarding the date of the adjourned meeting would be communicated in due course.

Meeting Details

The board meeting commenced at 11:30 am and concluded at 05:20 pm on 12th March, 2026. The decisions were formally communicated to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency and regulatory compliance.