Bajaj Finance Allots ₹2,120 Crore Zero-Coupon NCDs Through Private Placement

Key Takeaways

• Bajaj Finance allotted 2,12,000 secured NCDs with a face value of ₹1 lakh each, aggregating to ₹2,120 crore. 
• The zero-coupon debentures were allotted on October 21, 2026 and mature on October 21, 2031. 
• The NCDs are secured by a first pari-passu charge on specified book debts and loan receivables, with minimum security cover of 1.00 time. 

Bajaj Finance Limited has allotted secured redeemable non-convertible debentures worth ₹2,120 crore through a private placement. 

The company's Debenture Allotment Committee approved the issuance of 2,12,000 NCDs with a face value of ₹1 lakh each at its meeting on October 21, 2026. The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE.  

NCDs Carry a Five-Year Tenure 

The debt instruments have a tenure of 1,826 days. They were allotted on October 21, 2026 and are scheduled to mature on October 21, 2031. 

The ISIN for the fresh issue is INE296A07UG8.  

Unlike conventional coupon-bearing bonds, these NCDs carry a zero coupon, so the filing does not provide for periodic coupon or interest payments. Bajaj Finance stated that the principal is scheduled for payment on October 21, 2031. 

The exchange disclosure identifies the instruments as secured and redeemable. It does not state a coupon rate because the securities are zero-coupon instruments.  

Security Backed by Loan Receivables 

Repayment obligations associated with the NCDs will be secured through a first pari-passu charge on Bajaj Finance's book debts and loan receivables. 

The company specified that the security cover must not fall below 1.00 time the aggregate outstanding value of debentures issued under the applicable Shelf Placement Memorandum.  

A pari-passu charge places the relevant secured creditors on the same ranking over the identified pool of charged assets, subject to the detailed transaction documents. 

Bajaj Finance also stated that no special rights, interests or privileges are attached to the instruments. The NCDs are redeemable on maturity.  

Private Placement Adds to Debt Funding 

The ₹2,120 crore allotment is a debt-market fund-raising exercise rather than an equity issuance, so it does not involve the creation of new equity shares. 

Bajaj Finance did not disclose the effective yield or issue price economics in the Regulation 30 filing. The announcement primarily sets out the amount allotted, tenure, maturity, zero-coupon structure, listing venue and security arrangements. 

The allotment committee meeting began at 11:45 am and concluded at 12:15 pm on October 21.