Clean Max Enviro green NCDs: ₹2,500 crore at 8.765%

What Clean Max Enviro has done

Clean Max Enviro Energy Solutions Limited has completed the allotment of ₹2,500 crore in green debt securities through a private placement. The fundraise is split into five series of Senior, Secured, Rated, Listed Redeemable and Non-Convertible Debentures (NCDs). The company said the allotment was approved by its Stakeholders’ Relationship Committee through a resolution passed by circulation on September 28, 2026.

The NCDs are proposed to be listed on the Wholesale Debt Market segment of BSE Limited. Each debenture has a face value of ₹1 lakh, as disclosed in the allotment details. Clean Max Enviro described the issuance as green debt securities, linking the fundraising to environmental projects.

Issue structure and why it matters

The issuance spans five tenors, starting at 24 months and extending to 120 months. This structure gives the company access to both medium-term and long-dated fixed-rate funding, while allowing investors to choose maturity based on risk and duration preference. Across the five series, coupon rates range from 8.25% to 8.765%.

The fundraise also stands out because the instruments are described as senior and secured, with specific asset-level security arrangements. For debt investors, the combination of security package, rating, and listing venue typically influences participation in private placements.

Series-wise allocation: where the ₹2,500 crore went

Clean Max Enviro’s total consideration across the five series totals ₹2,500 crore, excluding securities premium. The company disclosed that Series C and Series E include an additional securities premium component. Series C is the largest tranche by consideration.

Coupon, tenor, and maturity schedule

The coupon rates vary by series and tenor, with the shortest maturity paying 8.25% and longer maturities carrying 8.765%. Interest is payable quarterly, while principal is redeemed as per the schedule specified in the offer document.

Series D and Series E have a different redemption profile versus the shorter series. The company disclosed that Series D and Series E feature annual amortization starting from the 5th year and 6th year respectively, while Series A, B, and C redeem at maturity.

Listing, rating, and instrument features

The company stated the NCDs are proposed to be listed on the BSE Wholesale Debt Market. The instruments are described as senior, secured, rated, and listed redeemable NCDs.

Separately, Clean Max Enviro disclosed it has received a corporate credit rating of ‘CRISIL AA/Stable’ from CRISIL Ratings Limited. The rating also applies to the company’s proposed NCDs of up to ₹2,500 crore, aligning with the size of the completed allotment.

Security package: what backs the NCDs

Clean Max Enviro disclosed that the NCDs are secured by charges over certain project assets of the issuer and specific subsidiaries or Special Purpose Vehicles (SPVs). The security package includes multiple elements tied to project-level cash flows and collateral.

Key security features mentioned include non-disposal undertakings for immovable properties, charges over inter-corporate loans, pledges over shares infused in SPVs, and charges over escrow accounts established for identified projects. These structures are commonly used for project-backed renewable assets, where lenders seek ring-fenced cash flows and enforceable security over project entities.

How the deal built up before allotment

A Reuters report dated September 25, 2026 said Clean Max Enviro accepted bids worth 25 billion rupees for its debut green bonds, citing three merchant bankers. The report described the issue as split across 2-year, 3-year, 5-year maturities and two 10-year maturities, with quarterly coupon payments.

Reuters also reported that investors would have a prepayment option if the bonds are downgraded by three notches or more. The same report said Clean Max did not reply to a Reuters email seeking comment.

Market context: stock, returns, and capital plans

Market data shared alongside the issuance indicates a 1-year return figure of +60.22% for the stock. The company’s shares were referenced at ₹1,393.40 as on September 25, 2026 at 4:01 pm IST, and market capitalisation was shown at ₹16,379.72 crore.

The broader capital-raising context also includes a stated plan to pursue an IPO raising an aggregate of ₹5,200 crore, comprising a fresh issue of ₹1,500 crore and an offer for sale of ₹3,700 crore. While the NCD allotment is a debt raise, the presence of both debt and equity fundraising plans indicates an active capital strategy around portfolio expansion.

Why the NCD allotment matters for investors

For debt investors, the key datapoints are the ₹2,500 crore size, quarterly coupons, and the fixed coupon range of 8.25% to 8.765% across 2 to 10-year maturities. Series C’s ₹807 crore allocation is a clear indicator of where demand concentrated within the structure. The long-dated Series D and E also stand out because their principal is not a bullet redemption but amortises annually starting later in the tenor.

For equity investors tracking Clean Max Enviro, the deal adds to the set of disclosed funding avenues. Clean Max had also previously been reported by Reuters as raising about $175 million to expand solar and wind projects in India, including support for about 1 gigawatt of projects in Rajasthan and Karnataka, via external commercial borrowings, a rupee term loan, and a foreign currency non-resident banking facility.

Conclusion

Clean Max Enviro’s allotment of ₹2,500 crore in green NCDs formalises a five-series funding plan with maturities running through September 2036 and coupons up to 8.765%, backed by a disclosed project-security package and proposed BSE WDM listing. The next operational milestones will be tied to the listing process and ongoing disclosures on deployment of proceeds for environmental projects, as well as updates on the company’s stated IPO plan.