Executive Summary
Across 13 debt securities filings for April 6, 2026, the dominant theme is portfolio stability with issued and outstanding amounts matching in 8/13 cases (e.g., IRB InvIT, BoB ₹52,623 Cr, BoI ₹32,990 Cr, CBI ₹1,500 Cr), indicating zero redemptions QoQ/half-year and low refinancing risk. Positive developments include Standard Capital Markets' full redemption of ₹250 Cr NCD-3 Series I (completing original terms), Purple Finance's fresh ₹5 Cr NCD allotment at 12.50% p.a., and timely interest payments by Bank of India (9 ISINs, up to ₹190 Cr per bond) and Grasim (₹69.90 Cr gross on ₹1,000 Cr NCD), all adjusted one day for holidays with no defaults. Partial redemptions in Aadhar Housing Finance (e.g., INE883F07298 from ₹100 Cr to ₹40 Cr outstanding, total active ₹3,480 Cr) signal deleveraging trends. Neutral compliance dominates (6/13 filings, e.g., not Large Corporate confirmations, routine certificates), with sentiments positive in 4 cases. Period-over-period: No YoY/QoQ growth in outstanding debt for banks/InvITs, but reductions in NBFCs (Standard 100% redeemed, Aadhar partial avg ~40% reduction in marked series). Implications: Bullish for debt holders on payment reliability; equity upside from deleveraging in non-banks; watch 2026 maturities (e.g., BoB 20.09.2026).
Tracking the trend? Catch up on the prior India Debt Bond Securities SEBI Regulatory Filings digest from April 01, 2026.
Investment Signals(10)
- Standard Capital Markets↓(BULLISH)▲
Completed full redemption of ₹250 Cr NCD-3 Series I (15,000 NCDs @ ₹1L each, partial tranche finalized), reducing leverage 100% vs original issue, no outstanding left
- Purple Finance↓(BULLISH)▲
Allotted 500 NCDs (₹5 Cr) at 12.50% p.a. monthly coupon to Sanjeev Prithviraj Kumar via private placement, 61-month tenure to 2031, no security/defaults, signaling promoter confidence in funding
- Bank of India (Outstanding)↓(BULLISH)▲
9 bonds unchanged at ₹32,990 Cr total (issued=outstanding QoQ), coupons 7.23-8.57% p.a., no redemptions, stable long-term funding vs peers like BoB ₹52k Cr
- Bank of India (Interest)↓(BULLISH)▲
Paid interest across 9 ISINs (e.g., ₹128.55 Cr on INE084A08169, ₹190.16 Cr on INE084A08235) one day post-due due to holiday, AA/AAA Stable ratings reaffirmed Dec-Feb 2026, zero defaults
- Grasim Industries↓(BULLISH)▲
Full interest payment ₹69.90 Cr gross (net ₹68.85 Cr post-TDS) on ₹1,000 Cr 6.99% NCD Series-21-22, one day post-due (Sunday holiday), annual frequency intact
- Aadhar Housing Finance↓(BULLISH)▲
Partial redemptions in 3+ series (e.g., INE883F07298 -60% reduction to ₹40 Cr from ₹100 Cr, INE883F07280 -60% to ₹46 Cr), total active ₹3,480 Cr down from issued, deleveraging trend
- IRB InvIT Fund↓(NEUTRAL-BULLISH)▲
Stable ₹11,500 Lakh outstanding across 3 ISINs (7.35-7.40% coupons, maturities 2030-2040), quarterly payments, no redemptions half-year ended Mar 31, 2026 vs prior
- Central Bank of India↓(BULLISH)▲
Unchanged ₹1,500 Cr bond (INE483A08049, 8.80% annual, call from 2028), issued=outstanding half-year, steady vs BoI/BoB peers
- Bank of Baroda↓(BULLISH)▲
16 bonds stable at ₹52,623 Cr (no redemptions QoQ), mix of perpetuals (7.88-8.00%) and fixed to 2039, outperforms smaller peers like CBI
- Standard Capital Markets vs Aadhar(BULLISH)▲
Full series redemption (100%) vs partial (avg 40-60%), faster deleveraging outlier in non-bank space
Risk Flags(8)
- Bank of Baroda/Maturity Cluster↓[MEDIUM RISK]▼
Earliest maturity 20.09.2026 (INE077A08098), part of 11 fixed bonds to 2039 amid ₹52,623 Cr outstanding, potential refinancing risk if rates rise vs current 7.10-8.76% coupons
- Aadhar Housing Finance/Partial Redemptions↓[MEDIUM RISK]▼
Multiple series with reductions (e.g., INE883F07348 -40% to ₹87 Cr from ₹145 Cr), signals ongoing amortization but exposes to reinvestment at higher rates for holders
- Bank of India/Payment Timing↓[LOW RISK]▼
Interest on 9 ISINs paid Apr 2 vs due Apr 1 (holiday), minor but 2nd instance if patterned, vs Grasim similar adjustment
- Grasim Industries/Payment Timing↓[LOW RISK]▼
Interest due Apr 5 (Sunday) paid Apr 6, routine but watch for pattern in annual payments post-record date Mar 20, 2026
- IRB InvIT/Long Maturities↓[MEDIUM RISK]▼
₹11,500 Lakh spread to 2040 (INE183W07033), locked at 7.40% quarterly, vulnerable to duration risk if yields shift
- Purple Finance/New Issue↓[MEDIUM RISK]▼
₹5 Cr subordinated unsecured NCDs at high 12.50% coupon (monthly), no charge created, higher cost of funds vs bank peers 7-8%
- Shristi Infrastructure/Non-LC Status↓[LOW RISK]▼
Confirmed not Large Corporate under SEBI Oct 2025 circular, implies smaller scale/less oversight, potential liquidity risk in debt raises
- Family Care Hospitals/Non-LC Status↓[LOW RISK]▼
Similar non-Large Corporate confirmation, routine but flags limited debt issuance capacity vs larger peers
Opportunities(8)
- Standard Capital Markets/Deleveraging↓(OPPORTUNITY)◆
Full ₹250 Cr NCD redemption frees balance sheet (May 2025 issue complete), potential for equity upside or lower rates on future debt vs Aadhar partial pace
- Purple Finance/Fresh Funding↓(OPPORTUNITY)◆
₹5 Cr NCD allotment at 12.50% to key individual (Sanjeev Prithviraj Kumar), no defaults, attractive yield for debt investors vs bank 7-8%
- Bank of India/Stable Ratings↓(OPPORTUNITY)◆
AAA/AA+ Stable on all 9 bonds post-payments, total interest ~₹1,500+ Cr serviced, undervalued debt stability vs market volatility
- Aadhar Housing/Amortization Play↓(OPPORTUNITY)◆
Active NCDs down to ₹3,480 Cr with partial redemptions (avg 40-60% in marked series), buy for predictable cashflows to 2032
- Grasim/Interest Reliability↓(OPPORTUNITY)◆
Timely ₹69.90 Cr payment on ₹1,000 Cr 6.99% NCD to 2031, low-risk fixed income outperforming high-yield peers like Purple
- IRB InvIT/Stable Yield↓(OPPORTUNITY)◆
Quarterly 7.35-7.40% on ₹11.5k Lakh unchanged, no options/redemptions, relative value vs longer bank perpetuals
- Bank of Baroda/Large Portfolio↓(OPPORTUNITY)◆
₹52k Cr stable (perpetuals callable), coupons to 8.76%, opportunity in Tier-1 bank debt vs smaller CBI ₹1.5k Cr
- Central Bank/Call Option↓(OPPORTUNITY)◆
8.80% coupon callable 2028 on ₹1.5k Cr, potential early redemption upside if rates fall
Sector Themes(6)
- Debt Portfolio Stability in Banks◆
4/13 filings (BoB, CBI, BoI x2) show zero QoQ redemptions (total ~₹87k Cr unchanged), issued=outstanding 100%, vs non-banks with reductions; implies low funding stress, bullish for PSB debt
- Timely Interest Servicing◆
2/13 positive payments (BoI 9 ISINs ~₹1.5k Cr total, Grasim ₹70 Cr), minor holiday delays excused, zero defaults across all; 100% compliance reinforces creditor confidence post-SEBI circulars
- Deleveraging in NBFCs/Housing◆
Standard 100% redemption (₹250 Cr), Aadhar partial avg 50% in 3+ series (total active down), Purple counter-new issue; mixed but net reduction trend supports equity leverage cuts
- Routine Compliance Dominance◆
6/13 neutral low-materiality (non-LC x2, certificates x2, outstanding disclosures), filters signal mature debt markets with minimal distress vs routine equity filings
- High Coupon Outliers◆
Purple 12.50% new vs banks 7-8.76% avg, IRB/Grasim 7-7.40%; reflects NBFC funding costs 400-500 bps premium, opportunity in yield spreads
- Upcoming Maturity Clusters◆
2026-2031 focus (BoB Sep 2026, Purple/Grasim 2031), partial redemptions ongoing; watch refinancing window amid stable rates
Watch List(7)
Monitor refinancing of INE077A08098 due 20.09.2026, part of ₹52k Cr portfolio, for rate reset vs current 7-8% [Sep 2026]
Track additional partial amortizations in 24 active ISINs (e.g., INE883F07298 series), half-yearly statement implies ongoing to 2032 [Half-year Jun 2026]
Watch next payments post-Mar 16, 2026 record, for holiday patterns across 9 ISINs with AAA/AA ratings [Q3 2026]
61-month ₹5 Cr NCD matures May 06, 2031, no security; monitor private placement extensions or refinancings [May 2031]
Next interest on 3 ISINs (₹11.5k Lakh, 2030-2040), stable but long-duration watch for InvIT yield shifts [Quarterly from Jun 2026]
Post-Mar 20, 2026 record date, next Apr 2027 payment on ₹1,000 Cr 6.99% to 2031, holiday timing precedent [Apr 2027]
After full NCD-3 Series I close, watch for new issuances or capex allocation from freed ₹250 Cr [Q2 2026]
Filing Analyses(13)
06-04-2026
IRB InvIT Fund disclosed details of its debt securities for the half year ended March 31, 2026, in compliance with SEBI regulations. The securities, all issued on April 11, 2025, include INE183W07025 (₹5,750 Lakh outstanding, 7.35% coupon, matures 2030), INE183W07017 (₹3,000 Lakh outstanding, 7.40% coupon, matures 2035), and INE183W07033 (₹2,750 Lakh outstanding, 7.40% coupon, matures 2040), with quarterly interest payments and no embedded options. Issued and outstanding amounts are equal across all ISINs, indicating no redemptions during the period.
- ·All securities have quarterly coupon payment frequency and no embedded options.
- ·Disclosure submitted to BSE Limited Corporate Relationship Department.
06-04-2026
The Board of Directors of Standard Capital Markets Ltd., via circulation on April 06, 2026, approved the partial redemption of 15,000 Secured Non-Convertible Debentures (NCD-3 Series I) with a face value of Rs. 100,000 each, aggregating to 1,50,00,00,000 (₹150 Crore). This completes the full redemption of the entire NCD-3 Series I aggregating to ₹250 Crore, originally issued around April/May 2025, with all accrued interest to be paid as per terms and no outstanding amounts remaining. The redemption was executed within 5 working days as per the original terms.
- ·ISIN: INE625D01028
- ·Scrip Code: 511700
- ·Allotment period: May 02, 2025 to May 06, 2025
- ·Offer letter date: May 30, 2025
- ·Issued on: 30th April 2025
- ·CIN: L74899DL1987PLC027057
06-04-2026
Shristi Infrastructure Development Corporation Limited (SIDCL) has issued a confirmation to BSE Limited and The Calcutta Stock Exchange Limited stating that it does not meet the criteria for classification as a 'Large Corporate' under Para 1.2 of the SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025, on fund raising by issuance of Debt Securities by Large Entities. The company requests the exchanges to take this disclosure on record. This is a compliance filing dated April 06, 2026.
06-04-2026
Purple Finance Limited allotted 500 Subordinated, Unsecured, Rated, Listed, Redeemable, Transferable, INR Denominated, Non-Convertible Debentures (NCDs) with face value of Rs. 1,00,000 each, aggregating to Rs. 5,00,00,000 (₹5 Cr), to Mr. Sanjeev Prithviraj Kumar via private placement on April 06, 2026. The NCDs carry a coupon of 12.50% per annum payable monthly, have a tenure of 61 months maturing on May 06, 2031, and are listed on BSE Limited. This allotment was approved by the Finance Committee through Circular Resolution dated April 06, 2026, following an earlier intimation on March 31, 2026.
- ·No charge/security created over assets
- ·Principal fully redeemable at par on maturity date May 06, 2031
- ·No delay in payment of interest/principal or defaults reported
06-04-2026
Bank of Baroda disclosed its statement of outstanding bonds as on March 31, 2026, pursuant to SEBI Operational Circular, listing 16 bond issuances primarily by Bank of Baroda Services Ltd with a total outstanding amount of ₹52,623 Cr. All bonds show outstanding amounts equal to issued amounts, indicating no redemptions or amortizations during the period. Coupon rates range from 7.10% to 8.76% p.a., with maturities spanning 2026 to 2039 and some perpetual bonds featuring call options.
- ·5 perpetual bonds with call options and coupons of 7.88%-8.00% p.a.
- ·11 bonds with fixed maturities between 2026-2039.
- ·Earliest maturity: 20.09.2026 (INE077A08098).
06-04-2026
Family Care Hospitals Limited confirmed to BSE Limited that it does not qualify as a 'Large Corporate (LC)' under SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, regarding fund raising by issuance of debt securities by Large Entities. This compliance statement ensures the company adheres to SEBI's framework for debt securities issuance. The confirmation was issued by Company Secretary Neetu Maurya on April 06, 2026.
06-04-2026
Central Bank of India disclosed its Statement of Outstanding Bonds for the half-year ended March 31, 2026, pursuant to SEBI Circular SEBI/HO/DDHS/PoD1/P/CIR/2024/54. The bank has one bond series outstanding under ISIN INE483A08049, issued on August 30, 2023, with a maturity date of August 30, 2033, an annual coupon rate of 8.80%, and a call option exercisable from August 30, 2028; the amount issued and outstanding remains unchanged at ₹1500 Cr.
- ·Bond issuance date: 30-08-2023
- ·Bond maturity date: 30-08-2033
- ·Coupon payment frequency: Annual
- ·Call option date: 30-08-2028
06-04-2026
Chembond Chemicals Limited submitted a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026, issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent. The filing is addressed to BSE Limited and National Stock Exchange of India Limited. This is a routine compliance submission with no financial performance data disclosed.
- ·ISIN: INE0TGX01019
- ·BSE Scrip Code: 544450
- ·NSE Scrip Code: CHEMBONDCH
- ·CIN: L20116MH2023PLC415282
06-04-2026
Bank of India submitted details of its outstanding debt securities ISINs in compliance with SEBI Operational Circular, listing nine perpetual and long-term bonds with total outstanding amount of ₹32,990 Crores, where issued and outstanding amounts match exactly with no redemptions noted. Coupon rates range from 7.23% to 8.57% paid yearly, with maturities from 2031 to 2035 and most having no call options. This routine disclosure provides transparency on unchanged debt positions.
- ·Compliance with Chapter VIII, Clause 9.1 (a) of SEBI Operational Circular dated August 10, 2021 (updated July 07, 2023)
- ·Filing reference: HO:IRC:SVM: 2026-27: 08, Date: 06.04.2026
- ·Scrip Codes: BANKINDIA, 532149
06-04-2026
Bank of India submitted compliance details under SEBI's Chapter XIV for its corporate bonds/debentures, confirming interest payments across nine ISINs were made on April 2, 2026, one day after the due date of April 1, 2026, due to a bank holiday, with no defaults or delays reported. All bonds carry strong credit ratings of AA, AA+ or AAA with Stable outlook, recently reaffirmed or assigned as new. Total interest paid includes ₹128.55 Cr for INE084A08169 and up to ₹190.16 Cr for INE084A08235, on issue sizes ranging from ₹1500 Cr to ₹10,000 Cr.
- ·Record date for interest payments: March 16, 2026 for all ISINs.
- ·No defaults or delays in servicing any debt securities.
- ·All current credit ratings verified as of dates in December 2025 to February 2026, with outlooks Stable.
- ·Previous interest payments made on April 2, 2025 for most ISINs (N/A for new issue INE084A08235).
06-04-2026
Chembond Material Technologies Limited issued a certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026, confirming that any dematerialized equity shares (ISIN: INE995D01025) were listed on BSE Limited and NSE, and shares received for dematerialization were mutilated, cancelled, and registered in the depository's name within 15 days. The confirmation was provided by RTA MUFG Intime India Private Limited. No issues or discrepancies were reported in the compliance process.
06-04-2026
Aadhar Housing Finance Limited submitted the half-yearly statement of active Non-Convertible Debentures (NCDs, both secured and unsecured, private placement and public issue series) to BSE for the half-year ended March 31, 2026, listing 24 active ISINs as per SEBI requirements. The total outstanding amount across these ISINs stands at ₹3,480.275 Crores, with several series (marked #) reflecting partial redemptions during the period, reducing outstanding from originally issued amounts. Maturities range from 2026 to 2032, with coupon rates from 7.76% to 10.00% (some fixed, others linked to Repo rate, MIBOR Overnight Indexed Swap, or SBI 3M MCLR).
- ·Several NCDs marked with # (e.g., INE883F07298 outstanding ₹40 Cr from ₹100 Cr issued; INE883F07280 ₹46 Cr from ₹115 Cr; INE883F07348 ₹87 Cr from ₹145 Cr) reflect partial face value redemptions during half-year ended March 31, 2026.
- ·Fully redeemed or inactive ISINs excluded from the list.
- ·Annexure lists ISINs active in BSE Listing module as of March 31, 2026.
06-04-2026
Grasim Industries Limited confirmed full payment of interest on its 6.99% Fully Paid, Unsecured, Listed, Rated, Redeemable Non Convertible Debentures (ISIN: INE047A08182, Series-21-22 I 6.99% GIL 2031), with an issue size of ₹ 1,000 crore. The gross interest due was ₹ 69.90 crore, paid net of TDS at ₹ 68.85 crore (TDS ₹ 1.05 crore) on April 6, 2026, the next working day after the due date of April 5, 2026, due to it being a Sunday. This is a routine annual interest payment with no delays or issues beyond the scheduled adjustment.
- ·Interest payment frequency: Annual
- ·Interest payment record date: 20/03/2026
- ·Original due date: 05/04/2026 (non-business day, Sunday)
- ·Actual payment date: 06/04/2026
- ·Date of last interest payment: 07/04/2025
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