Transport Corporation Of India to raise up to ₹300 crore via NCDs and appoints CEO-Designate for Seaways

Management change
Travel And Transport

Blacklitt Research27 October 20262 min read

Transport Corporation Of India (NSE: TCI) said in a filing on 27 Oct 2026 that its Board approved secured, listed, redeemable non-convertible debentures of up to ₹300 crore on a private placement basis, and appointed Bhudev Bhushan Giri as CEO-Designate, TCI Seaways Division and Senior Management Personnel, with effect from 27 Oct 2026.

Key highlights

NCD issue size: up to ₹300 crore in one or more tranches
Appointment effective: 27 Oct 2026
Giri joined TCI Freight as an Officer in 2005
Board meeting: 12:15 PM to 3:00 PM IST on 27 Oct 2026

The NCDs and the appointment in numbers

Item	Detail
Instrument	Secured, listed, redeemable non-convertible debentures
Issue type	Private placement, in one or more tranches
Maximum aggregate amount	Up to ₹300 crore
Listing	BSE Limited and/or National Stock Exchange of India Limited, to be determined by the Executive Authorization Committee
Appointee	Bhudev Bhushan Giri, CEO-Designate, TCI Seaways Division and Senior Management Personnel
Effective date	27 Oct 2026
Term of appointment	As per the terms of his existing employment with the Company

The NCD approval and who sets its terms

The Board approved the issue of secured, listed, redeemable NCDs for an aggregate amount not exceeding ₹300 crore, in one or more tranches, on a private placement basis. The Board authorised the Executive Authorization Committee to finalise the terms, execute documents and carry out the issue and allotment, subject to the framework approved by the Board and applicable law.

The filing says the NCDs will be secured, with the charge and the assets to be charged to be determined by the Executive Authorization Committee. The filing also states that there has been no delay in payment of interest or principal and no cancellation of the proposal.

Giri's role and background

Giri, who was approved on the recommendation of the Nomination and Remuneration Committee, takes the CEO-Designate role for the Seaways Division from 27 Oct 2026. The filing says he began his career with the TCI Freight division as an Officer in 2005 and has held key leadership roles since. He holds an MBA in Business Management and has completed the Senior Executive Leadership Program at Harvard Business School, USA.

What the NCD approval and appointment mean for Transport Corporation Of India's shareholders

The Board has approved a debt issue of up to ₹300 crore and a senior appointment for the Seaways Division. The filing does not say what coupon the NCDs will carry, their tenure or maturity, how the issue will be used, whether any allotment has been made, or what Giri's pay will be.

The next dated step in the filing is the effective date of Giri's appointment on 27 Oct 2026. The timing of the NCD issue is left to the Executive Authorization Committee.

Reference: Original filing (PDF)

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