Varroc Engineering Limited has disclosed the asset cover for its secured Non-Convertible Debentures (NCDs) as of December 31, 2025. The NCDs, amounting to ₹250 Crore, are secured by an exclusive charge on specific movable fixed assets of the company. The asset cover, including interest obligations, is higher than the required 1.10 times as specified in the Debenture Trust Deed.
Asset Cover for NCDs
Varroc Engineering Limited announced details regarding the asset cover for its secured Non-Convertible Debentures (NCDs) as of December 31, 2025. This disclosure is in compliance with regulatory requirements for listed entities.
Key Details of the Security
As of December 31, 2025:
- The Non-Convertible Debentures (NCDs) have an ISIN of INE665L07040 (post restructuring) and INE665L08014 (Initial ISIN), with a scrip code of 975062.
- The total facility amounts to ₹250 Crore.
- The NCDs are secured by way of an Exclusive Charge on specific identified movable fixed assets of the company.
- The Asset Cover with respect to these NCDs, including interest obligation, is higher than the requirement of 1.10 times as specified in the Debenture Trust Deed.
Auditor’s Report Key Points
SRBC & CO LLP, Chartered Accountants, stated the following based on their review:
- The company has maintained a 110% security cover as per the terms of the General Information Document and Debenture Trust Deed.
- The book values of assets included in the statement prepared by management are in agreement with the books of account underlying the unaudited standalone financial results of the Company as of December 31, 2025.
However, their review report included a qualification regarding a settlement offer and subsequent ‘Statement of Claim’ under arbitration proceedings, which could potentially impact financial results.
Financial Overview
According to the provided data:
- Total Assets stand at ₹14,962.71 Million.
- Total Liabilities related to debt securities are ₹1,718.75 Million.
- The cover on book value is approximately 10.12 times.
- The Exclusive Security Cover Ratio is 2.12.
Source: BSE
