SMC Global Securities has filed its prospectus for a public issue of non-convertible debentures (NCDs) up to ₹750 crore, marking the formal launch of the debt offering approved by its board.

The base issue size is set at ₹750 crore (₹7,500 lakh), with an additional option to retain oversubscription up to the same amount, aggregating the total issue limit to ₹1,500 crore. The debentures have been rated 'ICRA A Stable' by ICRA Limited for an amount of up to ₹512.79 crore. The issue is scheduled to open on October 5, 2026, and close on October 16, 2026.

Issue details and credit rating

The public offer comprises secured, rated, listed, redeemable NCDs with a face value of ₹1,000 each. The credit rating of 'ICRA A Stable' indicates an adequate degree of safety regarding timely servicing of financial obligations and low credit risk. The rating is valid for the life of the instrument unless withdrawn or reviewed by the agency.

Subscription window and listing

Applications will be accepted from October 5, 2026, to October 16, 2026, during working hours from 10:00 am to 5:00 pm. On the closing date, applications will be accepted only until 3:00 pm. The NCDs are proposed to be listed on the BSE, which has granted in-principle approval for the listing. Corporate Professionals Capital Private Limited serves as the lead manager, while MUFG Intime India Private Limited acts as the registrar to the issue.

What the Numbers Show

The filing clarifies the structure of the previously announced board approval. While the board initially approved an aggregate size of up to ₹150 crore (likely referring to a specific tranche or initial proposal), the prospectus reveals a significantly larger base issue of ₹750 crore with a potential total demand absorption capacity of ₹1,500 crore through the green shoe option. This indicates a substantial capital raising effort compared to the earlier limited disclosure.

SMC Global Securities Limited has acquired a 10.57% equity stake in Kheria Autocomp Limited, acting as the market maker for the auto ancillary firm's recent initial public offering (IPO). The aggregate holding, including persons acting in concert, comprises 16,75,200 shares acquired through both IPO allotment and open market purchases.

The transaction was disclosed to stock exchanges on September 24, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SMC Global Securities acted as the market maker for Kheria Autocomp, which listed on the NSE Emerge platform on the same date. The acquisition does not constitute a related party transaction.

Acquisition Breakdown

The total stake of 10.57% was built through two primary mechanisms: shares allotted in the IPO and subsequent open market purchases. SMC Global Securities Limited directly holds 3.30% of the target company's equity share capital. The remaining portion is held by its wholly owned subsidiary, Moneywise Financial Services Private Limited, and the SMC India Opportunity Fund, both of which are persons acting in concert with the listed entity.

Financial Details of the Target

Kheria Autocomp Limited is an auto ancillary company specializing in plastic injection moulding for the automotive sector. The company operates as a Tier-II supplier, producing components for Tier-I vendors who supply original equipment manufacturers. Its product portfolio includes interior cabin trims, exterior plastic parts, under-hood components, and HVAC ducts for both internal combustion engine and electric vehicles.

The target company's financial performance shows consistent growth over the last three fiscal years. The equity shares were issued at ₹101 per share in the IPO, which comprised 45,98,400 equity shares.

Cost of Acquisition

SMC Global Securities Limited acquired 2,30,400 shares in the IPO at the issue price of ₹101 per share, costing ₹2,32,70,400. Additionally, the company purchased 2,92,800 shares in the open market on September 24, 2026, at an average price of ₹104.73 per share, amounting to ₹3,06,64,944. The subsidiaries acquired their respective stakes entirely through IPO allotments at the issue price.

What the Numbers Show

The acquisition highlights SMC Global Securities' dual role as both a capital markets intermediary and an investor. While the company served as the market maker to ensure liquidity for Kheria Autocomp's listing, it simultaneously leveraged its subsidiary and fund vehicles to secure a significant majority of the total acquired stake (7.27% out of 10.57%). This structure suggests a strategic alignment between the brokerage's market-making obligations and its proprietary investment arm's exposure to the SME sector, particularly in high-growth auto ancillary segments where revenue nearly doubled from FY24 to FY26.