Ballarpur Industries Ltd

Rating details

• Instrument rated: Listed, Rated, Unsecured Non-Convertible Debentures
• Amount: Rs 100 crore
• Long-Term Rating: ACUITE B - Stable
• Outlook: Stable
• Agency: Acuité Ratings & Research Limited
• Press release date: August 17, 2026

Financial results approved

• Approved unaudited standalone results for quarter ended 30 June 2026.
• Approved unaudited consolidated results for quarter ended 30 June 2026.

Cost auditor appointment

• Appointed M/s Bahadur Murao & Co. as Cost Auditor for FY 2026-27.

Regulatory and going-concern disclosures

• Going concern uncertainty noted; funding via NCDs and asset monetisation planned.
• Dividend warrants totaling 16.24 lakhs to IEPF awaiting transfer.
• Non-current assets held for sale: 44,372.11 lakhs (standalone).
• Non-current assets held for sale: 344,372.11 lakhs (consolidated).
• Fines for listing-regulation non-compliance; no provision due to ongoing proceedings.

Insider trading window and related actions

• Trading window closed for Directors/KMPs/connected persons from July 1, 2026 to 48 hours post results.

Auditor remarks

• Auditors flagged going-concern uncertainty and penalties; some subsidiary data unavailable for consolidation.

Rating action and rationale

• Rating Agency: India Ratings & Research Pvt. Ltd.
• Instrument: 11.75% NCDs, ISIN INE294A07125, listed, secured, redeemable.
• Action: Rating withdrawn effective 17 July 2026.
• Rationale: CIRP-approved resolution plan provides full and final settlement of financial creditors.
• Settlement: NCD dues extinguished on 31 March 2023 per NCLT order.
• Process: Withdrawal effective on receipt of NSDL confirmation.

NCD private placement details

• Instrument: Listed, rated, unsecured Non-Convertible Debentures.
• Issuance mode: Private placement.
• Total: 10,000 NCDs at Rs 1 Lakh each (Rs 100 crore).
• Issue price and pricing: coupon 0%; redemption premium 9% IRR; no interest.
• Tenure: 3 years; allotment date to be decided.
• Security: Unsecured.
• Listing: on BSE and/or NSE.
• Governance: Board approval obtained for issuance.
• Corrections: face value corrected to Rs 1 Lakh; earlier Rs 1 Crore stated; aggregate size unchanged.

Filing detail

• Certificate from the Registrar and Transfer Agent is enclosed.

Issuance overview

• Type: Listed, rated, unsecured non-convertible debentures.
• Issuance: private placement.
• Total securities: 100 debentures of Rs 1 crore each; aggregate Rs 100 crore.
• Size: aggregate up to Rs 100 crore through multiple tranches.
• Listing: on BSE and/or NSE.
• Tenure: 3 years; allotment date to be decided by the Board.
• Coupon: 0%; redemption premium: 9% IRR annually.
• Security: unsecured.
• Special rights: not applicable.

Meeting Details

• Board to meet on July 14, 2026; time and venue not disclosed.

Key Agenda Items

• Approve issue of up to ₹100 crore listed, rated, unsecured NCDs (₹1 crore each), subject to approvals.

Other Notes

• No additional material notes disclosed.

80th AGM

• 80th Annual General Meeting scheduled for May 11, 2026, at 2:00 P.M. via VC/OAVM.
• Members will consider adoption of audited standalone and consolidated financial statements for FY 2024-25.
• Board re-appointment of Hardik Bharat Patel as Whole-Time Director is proposed.
• Statutory auditors Batliboi & Purohit are proposed for reappointment for five years.
• Shweta Jain is proposed as Non-Executive Independent Director for three years.
• Cost auditor remuneration for FY 2025-26 is proposed for ratification.
• Secretarial auditors Viral Sanghavi & Associates are proposed for five years from FY 2025-26.

Governance and background

• Resolution plan approved by NCLT in March 2023 remains the basis of current management.
• New Board was constituted after implementation of the resolution plan on June 12, 2023.
• Company remains under CIRP-related governance history, with majority shareholding held by Finquest Financial Solutions Private Limited.