Deccan Cements allots ₹660 crore in convertible and non-convertible debentures
What's the deal? Deccan CementsDealroom has a profile for this one. Try Dealroom → has allotted ₹660 crore (roughly $70 million) in debt instruments to raise capital.
The board approved the issuance on June 25, 2026, across three tranches of convertible and non-convertible debentures.
The deal includes 1,440,559 unsecured compulsorily convertible debentures (CCDs) worth ₹103 crore. It also covers 15,000 secured Series A non-convertible debentures (NCDs) at ₹150 crore and 40,700 secured Series B NCDs at ₹407 crore.
Why now? The allotment follows an initial announcement made on May 14, 2026, under the Securities and Exchange Board of India (SEBI) listing regulations.
The instruments are unlisted and unrated, letting the company secure funds without public market scrutiny.
What could go wrong? The CCDs will eventually convert into equity, which could dilute existing shareholders.
The unrated nature of the instruments also leaves investors without an independent gauge of credit risk.
The signal: The structure — a small slug of convertible debentures stacked alongside far larger senior and junior NCD tranches — signals a mature company tapping debt markets to fund growth while keeping equity dilution to a minimum. For a firm Dealroom classifies as mature, leaning on unlisted, unrated instruments offers speed and flexibility, but trades away the credit signalling and liquidity that a rated, listed issuance would bring.
Read more: scanx.trade
Image credit: Jorge Franganillo
