Steelco Gujarat Issues Corrigendum on NCD Interest Payment Terms Modification
Steelco Gujarat Limited corrected a typographical error in its NCD interest payment terms, changing the Fixed Interest Payment Date from 'first day' to 'fifth day' of each fiscal quarter. The corrigendum was issued following board approval and debenture holder consent, with enhanced security arrangements over affiliated entity properties remaining unchanged.
*this image is generated using AI for illustrative purposes only.
Steelco Gujarat Limited issued a corrigendum on March 13, 2026, correcting a typographical error in its earlier communication regarding Non-Convertible Debentures (NCDs) interest payment terms. The company clarified the revised Fixed Interest Payment Date definition following its board meeting held on March 12, 2026.
Corrected Interest Payment Terms
The board had approved modifications to the NCD interest payment structure, but the initial communication contained an error regarding the specific payment date. The corrected terms now specify the exact timing for interest payments on the company's listed NCDs.
| Parameter: | Details |
|---|---|
| Existing Term: | Interest payable quarterly on the last day of each quarter |
| Revised Term (Corrected): | Interest payable on the fifth 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 |
| Previous Error: | Earlier communication incorrectly mentioned "first day" instead of "fifth day" |
Debenture Holder Approval
The modifications received formal approval through a No Objection Certificate from the debenture holders. India Resurgence Fund 2 – Scheme 2 and Scheme 4, acting through India Resurgence Asset Management Business Private Limited, provided the NOC dated March 09, 2026, enabling the debenture trustee to facilitate necessary regulatory approvals.
Enhanced Security Framework
Alongside the interest payment corrections, the board had previously approved the creation of additional security over properties owned by affiliated entities. This decision strengthens the collateral framework for debenture holders.
| Security Details: | Information |
|---|---|
| Primary Entity: | Eesan Estate Developers Private Limited |
| Secondary Entity: | Sanish Developers Private Limited |
| Debenture Trustee: | Vistra ITCL (India) Limited |
| Trust Deed Date: | December 03, 2025 |
| Security Type: | Collateral security over properties |
Regulatory Compliance
The corrigendum was communicated to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains equity scrip code 500399 and debt security code 977444 on BSE. The corrected communication was digitally signed by Managing Director Anoop Kumar Saxena on March 13, 2026.
The implementation of these revised terms remains subject to approval from BSE Limited and other regulatory authorities as required, ensuring full compliance with applicable regulations.
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