NLC India Limited has notified stock exchanges regarding an ongoing credit rating matter with Brickwork Ratings India Private Limited (BWR) concerning ₹500.00 crore worth of Non-Convertible Debentures. The disclosure, made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, addresses BWR's continued rating despite the company's withdrawal request.

Rating Withdrawal Request and Reassignment

The Navratna public sector enterprise had formally communicated to BWR on February 21, 2023, requesting withdrawal of credit rating assignments for specific facilities. Following this request, NLC India obtained rating rationales from other approved rating agencies for instruments previously rated by BWR.

The company has successfully reassigned its rating requirements to established agencies, ensuring continued credit assessment through alternative channels.

Current Rating Status

NLC India has provided detailed information about the reassignment of its ₹500.00 crore bond facility:

Additionally, CRISIL continues to provide ratings for the same instrument (ISIN: INE589A08043), with the latest rationale issued on September 3, 2025. The company noted that CRISIL has been rating this instrument since inception.

Regulatory Compliance and Documentation

NLC India has fulfilled all procedural requirements for the rating withdrawal process. The company obtained and furnished the required No Objection Certificates (NOCs) from concerned Debenture Trustees and submitted these documents to BWR for withdrawal of ratings for NCDs bearing ISIN INE589A08043.

Despite receiving proper documentation and NOCs, BWR has declined to withdraw its rating, citing technical requirements as the reason for continuation.

Transparency and Disclosure

The company emphasized that current ratings from reassigned agencies are publicly available on respective credit rating agencies' websites, ensuring transparency for investors and stakeholders. This disclosure demonstrates NLC India's commitment to maintaining proper regulatory compliance and keeping stakeholders informed about material developments.

The matter highlights the procedural complexities that can arise in credit rating transitions, even when companies follow established protocols for rating agency changes.

NLC India Limited has announced a key board appointment, with the Ministry of Coal, Government of India appointing Shri Mangat Ram Sharma as Part-time Official Director effective January 16, 2026. The appointment was communicated through an official letter dated January 16, 2026, and will remain in effect until further orders from the ministry.

Director Appointment Details

The appointment has been made in compliance with Regulation 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this board change through official communication.

Professional Background

Shri Mangat Ram Sharma brings extensive administrative experience to the NLC India board. He is a senior IAS officer of the 1992 batch belonging to the Tamil Nadu cadre. Currently, he serves as Additional Chief Secretary (ACS), Public Works Department (PWD), Government of Tamil Nadu, while also holding full additional charge of the post of Principal Secretary, Energy Department, Government of Tamil Nadu.

Compliance and Regulatory Aspects

NLC India Limited has confirmed that Shri Mangat Ram Sharma meets all regulatory requirements for the directorial position. The company has affirmed that he is not debarred from holding the office of Director by virtue of any order of Securities and Exchange Board of India or any other regulatory authority.

Key compliance highlights include:

• No relationship with existing directors of the company
• Meets all SEBI regulatory requirements
• Appointment follows proper government procedures
• Full disclosure provided as per SEBI circular requirements

Corporate Governance Impact

The appointment strengthens NLC India's board composition with the addition of an experienced administrative professional. As a Part-time Official Director, Shri Sharma will contribute to the company's governance while maintaining his current government responsibilities. This appointment reflects the continued government oversight and involvement in the operations of this Navratna public sector enterprise.

The company has provided all required details as per SEBI Circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, ensuring full transparency and compliance with regulatory disclosure requirements.