Clean Max allots ₹25 billion of secured green NCDs across five series
As filed · Disclosure regarding allotment of Non-Convertible Debentures
What happened
FactClean Max Enviro Energy Solutions’ Stakeholders’ Relationship Committee approved the allotment of senior, secured, rated, listed, redeemable green NCDs through private placement on 28 September 2026. The five series carry quarterly interest payments, with maturities ranging from 28 September 2028 to 28 September 2036, and are proposed to be listed on BSE’s Wholesale Debt Market segment.
Why it matters
CapitSignal interpretationRaising capital changes the share count or the debt load, and the stated use of proceeds is a commitment that can later be checked.
What management said before
Prior statements by this company that CapitSignal has recorded changing.
Order Book
Revisedthe tenor of the PPA continues to be high across I think nearly 1,200 power purchase agreements.
the weighted average tenor is about 23 years.
Change
FactImplication
CapitSignal interpretationWatch next
Fact- Instrument and amount finally raised
- Stated use of proceeds
- Whether the enabling resolution is actually used
- we are now comfortable providing a sort of threshold EBITDA guidance for next fiscal, which is FY28. (management committed by FY28)
- Based on our continued performance, we feel confident about giving a guidance of minimum EBITDA of ₹ 3,000 Cr (management committed by FY27)
Evidence
- Disclosure regarding allotment of Non-Convertible Debentures(opens the original filing in a new tab)
- Earlier statement · Q3 FY26
- Latest statement · Q3 FY26
- Earlier statement · Q4 FY26
How CapitSignal classified this
- Reasoning:
- The allotment adds a sizeable multi-year secured debt obligation, with annual amortization specified for Series D from the 5th year onwards and Series E from the 6th year onwards. The filing does not state the use of proceeds, so its effect on project funding or leverage cannot be assessed from this disclosure alone.
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%