Clean Max Gets In-Principle Approval To Secure INR 400 Crore NCDs

Clean Max Enviro Energy Solutions Limited has received in-principle approval from BSE Limited to modify the terms and conditions of its 40,000 listed, rated and redeemable non-convertible debentures (NCDs), with each debenture having a face value of ₹1 lakh. The NCDs represent an aggregate nominal value of up to ₹400 crore.

The approval follows the company’s intimation to the stock exchanges on July 31, 2026, and subsequent authorization by its Board of Directors. Clean Max, along with the debenture holders and debenture trustee, agreed to amend the Debenture Trust Deed dated October 27, 2025. The proposed changes required approval under Regulation 59(1) of the SEBI Listing Obligations and Disclosure Requirements Regulations.

The key amendment involves changing the classification of the NCDs from unsecured to secured debentures. As part of the revised terms, the required security cover ratio will increase from 0.7 to 1:1, with the company required to ensure that the ratio does not fall below 1:1.

The amended framework will also include perpetual debt within the first-ranking charge, along with inter-corporate borrowings. In addition, the valuation methodology will be revised to include hypothecated investments. Another proposed change is the removal of a negative covenant that required prior consent from the debenture trustee for appointing key managerial personnel.

BSE granted the in-principle approval through a letter dated August 14, 2026. The approval will remain valid for three months from the date of issue.

Implementation of the amendments remains subject to regulatory requirements, including obtaining confirmation letters from NSDL and CDSL, submitting certified documents to the stock exchanges and ensuring continued compliance with the Companies Act, 2013, and applicable SEBI regulations.

Company Secretary and Compliance Officer Ullash Parida communicated the developments to the stock exchanges for public dissemination.