
				Non-current						Current
				As at March 31,						As at March 31,
	Notes	Interest rate (p.a.)	Maturity	2024		2025		2025		2024			2025			2025
				(INR)		(INR)		(USD)		(INR)			(INR)			(USD)
Debentures
- Non convertible debentures (secured)	(i)	6.03% - 11.50%	April 2025 to June 2054		59,217		50,146		587		4,093			22,828			267
- Compulsorily convertible debentures (unsecured)	(ii)	8.00% - 13.00%	March 2027 to June 2061		18,536		20,245		237		—			—			—
- Optionally convertible debentures (unsecured)	(iii)	8.00%	May 2053 to Jul 2053		2,358		2,537		30		—			—			—
Term loan from banks (secured)	(iv)	8.21% - 9.70%	June 2025 to March 2051		145,470		146,265		1,712		10,946			17,552			205
Term loan from financial institutions (secured)	(v)	6.66% - 11.00%	June 2025 to June 2045		203,284		211,403		2,475		14,764			20,004			234
Senior secured notes	(vi)	4.71% - 7.95%	July 2026 to July 2028		136,996		151,711		1,776		—			—			—
Interest-bearing loans and borrowings - total #					565,861		582,307		6,816		29,803			60,384			707

Amount disclosed under the head 'Interest-bearing loans and borrowings - short term' (refer Note 23)					—		—		—		(29,803	)		(60,384	)		(707	)
Interest-bearing loans and borrowings - net					565,861		582,307		6,816		—			—			—

# Certain borrowings included above are guaranteed by RPL on behalf of the Group entities. Further, certain securities held in subsidiary companies are pledged with banks and financial institutions as security for financial facilities obtained by subsidiary companies.

The Group's borrowings are subject to various financial and general covenants. The entities of the Group are generally required to test covenant as at the financial year end, except for loan arrangements amounting to INR 288,170 (As at March 31, 2024; INR 265,751), wherein the Debt Service Coverage Ratio, Debt Equity Ratio, Interest Service Coverage Ratio, Net Priority Debt Leverage, Debt to EBITDA and Debt to Tangible Net Worth are required to be tested by the entity availing the facility either quarterly or semi-annually based on its individual financial performance or RPL’s consolidated financial performance.

There are no un-remediated breaches of the covenants on any interest-bearing loans and borrowings as at March 31, 2025 and 2024 and the Company expects to be in compliance with all covenants that would fall due for testing within 12 months after the reporting date. The non-compliance with these covenants, if not remediated, would permit the lender to immediately call the loan and borrowings.

The debentures are secured by way of first pari passu charge on the respective Group entitiy’s immovable properties, movable assets, current assets, cash accruals including but not limited to current assets, receivables, book debts, cash and bank balances, loans and advances etc. present and future. For terms of non convertible debentures, refer Note 18(b).

Secured by pari passu first charge by way of mortgage of all the present and future immovable properties, hypothecation of movable assets, book debt, operating cash flows, receivables, commissions, revenue, all bank accounts and assignment of all rights, title, interests, benefits, claims etc. of project documents and insurance contracts of the respective Group company. These loans usually have repayment cycle of monthly / quarterly payments.

Secured by a first pari passu charge by way of mortgage on immovable properties, first pari passu charge by way of hypothecation of tangible moveable assets, first charge on all the current assets and accounts. Further secured by way of assignment of all the rights, title, interest, benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the respective company. These loans usually have repayment cycle of monthly / quarterly payments.

Notes are secured by way of exclusive mortgage over immovable properties and exclusive charge by way of hypothecation of tangible and intangible movable assets. Further secured by way of hypothecation over rights and benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the company. Secondary charge over the account receivables, book debts and cash flows. The senior secured notes shall be repaid through bullet payments starting from July 2026 to July 2028.

(b)

The details of non convertible debentures (secured) are as below:


		Face value		Numbers of NCDs outstanding				Outstanding amount						Nominal	Earliest
Listing	Debenture	per NCD		As at March 31,				As at March 31,						interest	redemption	Last date of		Terms of
status	Series	(INR)		2024		2025		2024		2025		2025		rate (p.a.)	date	repayment		repayment
								(INR)		(INR)		(USD)

Listed	Not applicable		1,000,000		2,305		1,945		2,305		1,945		23	9.75%	September 30, 2025	October 31, 2026		Half yearly
Listed	Series-2		1,000,000		1,033		951		1,033		951		11	9.10%	September 30, 2025	September 30, 2034		Half yearly
Listed	Series-3		1,000,000		4,305		3,964		4,305		3,964		46	9.10%	September 30, 2025	September 30, 2034		Half yearly
Non listed	Not applicable		1,000,000		1,445		1,342		1,445		1,342		16	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		6,314		5,863		6,314		5,863		69	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		3,579		3,323		3,579		3,323		39	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		10,939		10,157		10,939		10,157		119	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		1,620		1,504		1,620		1,504		18	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		3,419		3,175		3,419		3,175		37	6.03%	February 28, 2026	August 22, 2026		Yearly
Non listed	Not applicable		1,000,000		4,136		3,841		4,136		3,841		45	6.03%	February 28, 2026	August 22, 2026		Yearly
Listed	Not applicable		100,000		25,000		25,000		2,500		2,500		29	9.55%	August 11, 2026	August 11, 2026		Bullet
Non listed	Not applicable		10		36,732,513		36,732,513		367		367		4	11.50%	December 5, 2052	December 5, 2052		Bullet
Non listed	Not applicable		10		26,661,237		26,661,237		267		267		3	11.50%	February 16, 2053	February 16, 2053		Bullet
Non listed	Not applicable		10		9,594,200		9,594,200		96		96		1	11.50%	November 9, 2053	November 9, 2053		Bullet
Non listed	Not applicable		10		23,598,000		23,598,000		236		236		3	11.50%	November 9, 2053	November 9, 2053		Bullet
Non listed	Not applicable		100,000		20,000		20,000		2,000		2,000		23	9.30%	June 1, 2026	June 1, 2026		Bullet
Listed	Series-A		100,000		1,500		1,500		150		150		2	10.24%	May 25, 2026	May 25, 2026		Bullet
Listed	Series-B		100,000		3,400		—		340		—		—	10.03%	November 8, 2024	November 8, 2024		Bullet
Listed	Series-C		100,000		2,600		—		260		—		—	10.03%	January 23, 2025	January 23, 2025		Bullet
Listed	Not applicable		100,000		80,000		80,000		8,000		8,000		94	10.18%	April 30, 2025	April 30, 2025		Bullet
Listed	Not applicable		100,000		70,000		65,000		7,000		6,500		76	9.90%	December 31, 2025	April 30, 2027		Yearly
Listed	Series-B		10		—		19,903,929		—		199		2	11.50%	June 28, 2054	June 28, 2054		Bullet
Listed	Series-C		10		—		6,799,118		—		68		1	11.50%	June 28, 2054	June 28, 2054		Bullet
Listed	Not applicable		10		—		19,626,496		—		196		2	11.50%	June 28, 2054	June 28, 2054		Bullet
Listed	Not applicable		100,000		—		50,000		—		5,000		59	10.18%	August 22, 2025	August 22, 2025		Bullet
Non listed	Not applicable		100,000		—		72,278		—		7,228		85	8.44%	June 30, 2025	August 31, 2029	3 e	Quarterly
Total (gross)									60,311		68,872		806
Transaction costs, discount on issue and premium on redemption									2,999		4,102		48
Total									63,310		72,974		854