GAIL India Lists AAA Rated Debentures on NSE and BSE

GAIL (India) Limited, which is a Maharatna company of the Government of India, has provided information about its debentures and corporate bonds for the financial year ending 31st March 2025 to the National Stock Exchange of India Limited and BSE Limited. The disclosure was made on 16th April 2025.

Overview of Listed Debentures

The Annexure XIV-B filed gives a detailed list of GAIL's listed debt securities. Importantly, it records a listing of 15,750 non-convertible debentures (NCDs) of an ISIN number INE129A08014, each with a face value of ₹10,00,000. The NCDs were initially issued and listed on the National Stock Exchange of India Limited as well as BSE Limited on 21st December 2022, on the basis of an allotment date of 20th December 2022. The issue size is ₹1,575 Crore.

Interest and Redemption Schedule

Additional details in the disclosure provide the interest and redemption payment schedule for the above-mentioned ISIN. Annual interest payments are due, the first of which was paid on 20th December 2023, with future coupons due up to 20th December 2027. Redemption of these debentures takes place on 20th December 2027. The record date for establishing interest or redemption entitlement is 15 days  before prior to each payment date, as stated under the Placement Memorandum.

Credit Ratings and Financial Assurance

The credit rating for these NCDs as on 30th November 2022 is AAA/STABLE by both India Ratings and Research Private Limited and CARE Ratings Limited. Both the ratings were confirmed on the same date. This reflects a high level of safety with respect to timely service of financial obligations.

Interest Payment Status

In relation to the payment status, GAIL has affirmed that interest payments have been made. In particular, an amount of interest of ₹115,60,50,000 was payable and paid on 20th December 2024, and the last interest payment prior was made on 20th December 2023. The payment frequency of interest is annual. The disclosure states that there have been no variations in the payment frequency. No information of redemption payments was relevant at the date of this disclosure.

No Defaults on Debt Obligations

GAIL has categorically informed that there have been no defaults or delays in repayment of any other debt security of the company.

Trading Information on BSE

Listing of these new debt securities was also separately informed by BSE Limited on 21st December 2022. The said information contained details for trading purposes such as scrip code (974439), scrip ID (734GIL27), name of security (GIL-7.34%-20-12-27-PVT), and interest rate (7.34% per annum). These securities trade only in dematerialised mode with a standard unit of ₹10 Lakhs and tick size of 1 paise.

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