Shares of Clean Max fell 1.02% to ₹1,378.35 on BSE after the company disclosed a ₹2,500 crore green NCD issuance.
The issue spanned five series with maturities from two to ten years, offering fixed coupons between 8.25% and 8.76%—a spread that matched the prevailing interest environment.
Institutional heavyweights such as the International Finance Corporation, National Bank for Infrastructure and Development, and India Infrastructure Finance Company anchored the deal, supplemented by Aditya Birla Capital, IDFC First Bank and Nippon India Mutual Fund.
Clean Max’s Green Bond Framework earned a CRISIL AA/Stable rating in September 2026, affirming the credit quality of both the corporate entity and the NCD program.
The structuring of the debentures as secured, listed and redeemable, coupled with a lock‑box mechanism, positions the firm to finance large‑scale solar, wind, hybrid and battery projects without diluting equity.
With this being one of its largest domestic capital‑markets issuances, Clean Max signals readiness to tap deeper bond markets, potentially easing future debt issuance and supporting its renewable energy expansion.