Patel Engineering clarifies NCD redemption date to August 25, 2028

Patel Engineering Ltd. has clarified the redemption date for its 9,000 Senior, Secured, Rated, Listed, and Transferable Non-Convertible Debentures (NCDs), with a face value of ₹100,000 each. The company announced on September 1, 2025, that its previous letter dated August 29, 2025, which stated the redemption date as August 26, 2028, has been withdrawn. The correct redemption date for these NCDs, as per a valid letter dated August 26, 2025, is August 25, 2028.

The NCDs, aggregating up to ₹900m, were allotted on a private placement basis. They carry a coupon rate of 10.25%, with monthly interest payments. The principal repayment schedule includes 30% at the end of 24 months, another 30% at the end of 30 months, and the remaining 40% at the end of 36 months from the deemed date of allotment.

The debentures are secured by a first-ranking exclusive and continuing charge on identified land parcels and will be redeemed at par. The NCDs are slated to be listed on the National Stock Exchange of India Limited, and the total issue size amounts to ₹1bn. This clarification aims to rectify any prior inconvenience caused by the discrepancy in the stated redemption dates.