NCD Funding for BBB-Rated & Investment-Grade Companies in IndiaUnlock growth capital structured around your cash flows.

Structured debt financing Flexible repayment Institutional investor access

We help rated companies (BBB- and above, listed or unlisted) raise structured debt through Non-Convertible Debentures, with tailored private placements and institutional debt syndication.

Discuss Your NCD Requirement See how NCDs help


₹10 Cr to ₹500+ CrStructured NCD issue sizes
24–36 monthsTypical tenure, with moratorium options
6–8 weeksMost mandates, from start to funds received
190+ relationshipsBanks, NBFCs, funds, family offices and HNIs
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Structured debt financing for rated companies

Growing businesses need more than capital

They need the right amount, suitable repayment timelines, and structures that support expansion without straining operating cash flows.

At Express Rupya, we help rated companies (BBB- and above, listed or unlisted) raise structured debt through Non-Convertible Debentures (NCDs). We specialise in tailored private placements and institutional debt syndication.

We help companies evaluate NCD funding tailored to their credit profile, requirements and repayment capacity.

Discuss Your NCD Requirement

Funding challenges faced by BBB-rated companies, and how our NCD solutions help

A BBB rating means your company is investment grade, but it sits at the lowest rung of that scale. That position creates specific funding hurdles, even for profitable companies with healthy growth plans. These are the most common ones we see.

1A narrow investor base
The challenge

Many large institutional investors, such as insurance companies, pension funds and most mutual funds, invest mainly in AA-rated and higher paper because of their investment mandates. This leaves BBB-rated companies with far fewer potential investors and little negotiating power.

How our NCD solution helps

We take your requirement to investors who actively invest in BBB-rated credit, including credit-focused AIFs, private credit funds, NBFCs, family offices, select banks and foreign institutional investors, drawn from our network of 190+ relationships.

2Limited appetite from banks
The challenge

Banks must set aside more capital for lower-rated borrowers and work within internal exposure and sector limits. As a result, existing bankers are often unwilling to increase limits, even when your business is performing well.

How our NCD solution helps

NCDs bring in non-bank capital alongside your existing banking lines, so growth is not held back by one lender's limits. This also diversifies your lender base for the future.

3Repayment starting from day one
The challenge

Term loans typically require principal repayment almost immediately, often before a new plant, project or expansion starts generating cash.

How our NCD solution helps

NCDs can include a negotiated principal moratorium and bullet, back-ended or cash-flow-linked repayment, with tenures of typically 24–36 months. Repayments begin when the business is ready to service them.

4Short-term funds used for long-term needs
The challenge

When term funding is unavailable, companies often stretch working capital lines to pay for capex. This creates an asset-liability mismatch and puts pressure on day-to-day liquidity.

How our NCD solution helps

Medium-term NCDs match the life of your investment, freeing up working capital lines for their intended purpose.

5Heavy collateral and guarantee demands
The challenge

Lenders often ask BBB-rated companies for high security cover and personal guarantees from promoters. Meanwhile, the company's main assets are usually already charged to existing banks.

How our NCD solution helps

We explore alternative security packages, such as a pari passu charge over only current assets, second charge, escrow of receivables, a pledge of shares or a debt service reserve account.

6Growth plans bigger than bank limits
The challenge

Expansion, capex or acquisition plans often need more capital than existing banks will lend. Raising equity instead means diluting promoter ownership, often at a valuation the promoters don't find attractive.

How our NCD solution helps

Structured NCDs of ₹10 Crore to ₹500+ Crore can fund the gap without equity dilution. They are sized and timed around your investment cycle and cash-flow milestones.

7Fragmented, high-cost existing debt
The challenge

Multiple loans with different lenders, maturities and covenants make treasury management complicated and can keep the overall cost of debt high.

How our NCD solution helps

An NCD can refinance and consolidate existing borrowings into a single structure with one repayment schedule. This can potentially lower your overall cost of capital, subject to existing lender terms.

Our structured NCD financing solutions

Express Rupya helps eligible rated companies explore institutional financing for:

Business expansion and growth capital

Capital expenditure and infrastructure development

Refinancing of existing high-cost borrowings

Corporate funding and strategic acquisitions

Flexible principal repayment and maturity structuring

Indicative NCD financing parameters

A quick view of what a typical mandate looks like.

Parameter Indicative terms
Target borrowers Companies rated BBB- and above (listed and unlisted)
Issue size ₹10 Crore to ₹500+ Crore
Tenure Typically 24–36 months
Repayment Negotiated principal moratorium; bullet, back-ended or cash-flow-linked repayment
Security options Pari passu charge over current assets, second charge, escrow of receivables, pledge of shares or a debt service reserve account
Instrument Privately placed NCDs, listed or unlisted
Investors Credit-focused AIFs, private credit funds, NBFCs, family offices, select banks and foreign institutional investors
Typical timeline 6–8 weeks from mandate to receipt of funds

All terms are indicative. Funding availability, coupon, security, moratorium, tenure and repayment terms are subject to credit evaluation, investor appetite, applicable regulations and final transaction documentation.

Why consider NCD financing?

Debt that follows your business cycle, from investors who understand rated credit.

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Why choose NCD financing

Greater repayment flexibility

Design debt schedules that mirror your actual operating cash-flow cycles.

Diversified funding sources

Reduce reliance on traditional banking channels by tapping debt capital markets.

Tailored structures

Benefit from customised maturity profiles and security arrangements.

Institutional investor access

Leverage Express Rupya's relationships with 190+ banks, NBFCs, domestic and foreign funds, family offices and HNIs.

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Documents and financials ready for an NCD issue

We also coordinate the appointment of a debenture trustee, ISIN and depository setup, and other intermediaries required for the issue.

What you'll need to get started

Having these ready helps us assess your requirement and approach investors faster.

0 of 6 readyTick what you already have
Share Your Requirement Missing something? You can still start the conversation.

Our 5-step NCD funding process

From first conversation to funds in your account.

1

Consultation

A call or virtual meeting to understand your credit rating, existing debt, funding requirement and objectives.

2

Engagement

Signing of an engagement letter.

3

Financial review and due diligence

Submission of financial and legal documents.

4

Investor matching and structuring

Presenting your mandate to suitable investors from our network, designing the size, tenure, coupon range, moratorium and security package, and negotiating term sheets.

5

Deal closure

Coordinating final documentation, the debenture trustee and other intermediaries through issuance and receipt of funds.

Recent transactions

A look at the kind of structures we have arranged.

BBB
₹35 Cr

Manufacturing company

StructureSecured NCD

BBB+
₹25 Cr

EPC company

Structure2nd charge over current assets, bullet repayment

BBB
₹100 Cr

Gold loan NBFC

Structure36 months, principal repayment from the 31st month

Frequently asked questions

Can BBB-rated companies raise funds through NCDs?
Yes. Eligible BBB-rated companies regularly raise funds through privately placed NCDs, subject to credit assessment, investor appetite and appropriate structuring.
Can NCD financing include a principal repayment moratorium?
Yes. Depending on the cash-flow visibility of the business or project, a principal moratorium or bullet payment can be negotiated with investors.
Can NCDs be used to refinance existing bank debt?
Yes. NCD proceeds are commonly used for refinancing and debt consolidation, provided existing lender covenants and regulatory requirements are met.
What is the minimum funding amount?
We typically work on NCD requirements of ₹10 Crore and above.
How long does the process take?
Most transactions take 6–8 weeks from mandate to receipt of funds, depending on documentation and diligence.
Can unrated companies, or companies rated below BBB-, be considered?
This solution is designed for companies rated BBB- and above. We can guide unrated companies on obtaining a rating before approaching investors.
Can unlisted companies issue listed NCDs?
Yes. Unlisted companies can list their privately placed NCDs on a stock exchange, subject to SEBI requirements such as a credit rating and a debenture trustee. We can help you assess whether listed or unlisted NCDs suit your requirement.

Discuss your NCD requirement

Whether you need capital for expansion, refinancing or a more flexible debt structure, our debt advisory team can help you evaluate suitable institutional options.

    Submit NCD Requirement

    Disclaimer

    Express Rupya acts as a debt advisor and arranger and is not a lender. This page is intended only for companies seeking funding and does not constitute an offer, invitation or solicitation to invest in any securities. All terms mentioned are indicative and subject to credit evaluation, investor appetite, applicable laws and regulations, and final transaction documentation. Express Rupya does not guarantee the availability of funding or any specific terms.

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