Pilani Investment & Industries Corporation Limited has successfully completed the allotment of non-convertible debentures worth ₹500 crores through private placement. The Investment and Finance Committee of the Board of Directors approved this significant debt issuance during their meeting held on March 25, 2026.

Debenture Issue Details

The company has allotted 50,000 fully paid, unsecured, listed, rated, non-cumulative, redeemable, rupee denominated, non-convertible debentures. Each debenture carries a face value of ₹1,00,000, bringing the total issue size to ₹500 crores.

Credit Ratings and Terms

The non-convertible debentures have received strong credit ratings of "AA+ (STABLE)" from both CARE and CRISIL rating agencies, indicating high credit quality and stable outlook. The instruments offer attractive terms for investors with a competitive coupon rate.

Payment Structure and Default Provisions

The debentures follow an annual coupon payment schedule, with the first coupon payment due on April 24, 2026, and subsequent payments annually thereafter. The company has established clear default provisions to protect investor interests.

In case of payment default beyond the due date, the company will pay additional interest at 2% per annum over and above the coupon rate on the defaulted amount. This penalty interest will be calculated from the due date until the actual payment date.

Redemption Terms

The debentures will be redeemed at par value at maturity on April 24, 2029. If the redemption date falls on a non-working day, the redemption amount will be paid on the immediately preceding working day, which becomes the new redemption date. The coupon payment due on the relevant coupon payment date will also be paid along with the redemption amount.

The Board meeting for approving this allotment commenced at 11:30 AM and concluded at 11:45 AM on March 25, 2026, demonstrating efficient decision-making by the company's leadership.

Pilani Investment & Industries Corporation Limited has secured a CARE AA+ Stable rating from CARE Ratings Limited for its proposed ₹1,000 crore Non-Convertible Debenture programme. The rating assignment was communicated to stock exchanges on February 16, 2026, under Regulation 30 disclosure requirements.

Rating Details and Structure

CARE Ratings Limited assigned the rating for the company's long-term debt instrument programme with specific structural features:

The rating reflects the credit quality assessment of the proposed debt programme, with the AA+ grade indicating high safety and low credit risk for investors.

Regulatory Compliance and Timeline

The rating agency has established specific compliance requirements and timelines for the NCD issuance. The company must complete the issue within six months from the initial rating communication date of February 12, 2026, or arrange for rating revalidation. Any changes in the size or terms of the proposed issue will require rating revalidation from CARE Ratings.

Key post-issuance requirements include:

• Submission of issue details within 7 days of instrument placement
• Provision of complete documentation including offer document and trust deed
• Compliance with ongoing surveillance and review processes
• Annual rating review/surveillance as per CARE Ratings' policy

Market Communication and Disclosure

The company has fulfilled its disclosure obligations by informing both NSE and BSE about the rating assignment. The communication was signed by Company Secretary Rajkumar Singh Kashyap and addressed to the listing departments of both exchanges. CARE Ratings has indicated its intention to issue a press release regarding the rating assignment, following standard market communication practices.

The rating agency has reserved rights for periodic surveillance and potential rating actions based on the company's ongoing financial performance and market conditions. The assigned rating does not constitute investment advice and users are advised to refer to CARE Ratings' website for latest updates on the outstanding rating.

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