Aditya Birla Capital raises $159M in zero-coupon debt due 2030
What's the deal? Aditya Birla Capital allotted US$203.7M of non-convertible debentures (NCDs) on November 13, 2026, through a private placement. The issue comprised 150,000 secured, rated, listed, zero-coupon instruments with a face value of US$1.36K each.
The terms: The debentures carry a 1,461-day tenor and mature on November 13, 2030, redeemable at US$1.36K each. They are secured by a first pari passu charge over the company's receivables, securities, and future movable and current assets, and will list on the BSEDealroom has a profile for this one. Try Dealroom → and the National Stock Exchange of India.
The allotment matched the base issue size, with a green shoe option of up to US$135.8M left untapped. The filing did not name investors or specify the use of proceeds.
Why now? The raise comes a week after a larger November 6 private placement totalling US$305.6M, split across tranches maturing in 2029 and 2031, both at an 8.78% coupon. It also follows a US$150.7M secured NCD issue in September priced at 8.10%.
The signal: For a non-banking financial company (NBFC), the steady stream of multi-year issuance shows Aditya Birla Capital locking in funding amid reports of tougher conditions and rising borrowing costs in the bond market. The move to higher coupons on recent tranches marks a notable shift in its funding terms.
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