Covenant Financial News

In its long-awaited half-year results, released today (4 April), the trust said its loan-to-value ratio (LTV) as at 28 February 2023 was 59.1%, despite the fact that the group's borrowing policy cap was 35% and it had total loan covenants of 50%.  In January, Home published its long overdue results for the year to 31 August 2023, more than two years after it was suspended from trading on the London Stock Exchange after the REIT missed the deadline to publish its 2022 results.  Home REIT's overdue 2023 results show continued losses as board members depart The Financial Conduct Autho...

Subscribe to enjoy similar stories. Panicky investors hammered the shares of Kalyan Jewellers Ltd following a stock market disclosure on Monday that the company’s promoters had pledged an additional 5.79% of their shares last week. That takes Kalyan Jewellers’ total promoter pledge to 25.87%, per BSE data.

Adani Group faces nearly $1.7 billion in upcoming debt maturities at three of its businesses -ports, cement, and renewable energy-over the next quarter, investment banking sources aware of the syndicated loan terms and coupon timelines told ET. The biggest of these maturities is a $1.05-billion construction loan taken for Adani Green Energy, which is due March next year. Adani Cement-which houses Ambuja Cements and ACC-also has a $300-million loan due March, while there is a $290-million credit facility for Adani Ports and SEZ due January, according to the sources cited above.

solar power contract, which is at the centre of bribery allegations, has tariffs that are lower than competition and can find new buyers in case the pact is cancelled, according to analysts. US authorities have charged Adani Group Founder-Chairman Gautam Adani and others for being part of a scheme to offer USD 265 million bribe to Indian officials to gain a contract to supply 8 gigawatt of electricity generated from solar energy by Adani Green Energy Ltd (AGEL). The group has denied all charges. «If Adani promoters are found guilty, we believe the size of potential penalty is manageable given it is up to three times the value of the bribe,» Nomura said in a report. The brokerage said there are about 1.8 GW solar projects commissioned in Gujarat from February-March 2024, with tariff of Rs 2.42 per unit under the 25-year power purchase agreements (PPAs).

bank said that most of the Group's listed entities have leverage (Net Debt-to-EBITDA ) less than 5X with the exception of Adani Green Energy. Of the 11 listed Adani Group companies, Adani Green Energy, Adani Energy Solutions and Adani Ports and Special Economic Zone (APSEZ) have US dollar bonds outstanding. Among the non listed entities is Adani Energy Mumbai (AEML).

Subscribe to enjoy similar stories. As HDB Financial Services Ltd prepares for a nearly $1.5 billion initial public offering of shares, two key factors could potentially impact its valuation: a recent proposal to regulate banks’ group businesses and HDB’s rising bad loans. HDB Financial Services said in its draft red herring prospectus, or its IPO filing, that its parent, HDFC Bank Ltd, may have to reduce its stake in the company to below 20% if the Reserve Bank of India implements its draft proposal in the current form.

credit market is growing so fast that a rush of new participants into the direct-lending sector is fueling concern about a weakening of lending standards. “We have seen a bunch of first-time managers raise a lot of local capital,” Indranil Ghosh, head of Pan-Asia special situations at Cerberus, said at the Bloomberg India Credit Forum in Mumbai on Friday. “With some of those managers, I suspect that the underwriting standards, the diligence standards, the structuring, covenants are slightly lighter than what a lot of the global firms and well-established domestic institutions are used to.” Also Read: RBI may act against more NBFCs to check obscure lending practices: Morgan Stanley

Subscribe to enjoy similar stories. Mumbai: The financial woes of the Shapoorji Pallonji group seem to be worsening with CARE Ratings further downgrading the credit rating of its group company Goswami Infratech Pvt Ltd in a span of 4 months. Rating on these non-convertible debentures (NCDs), issued last year, has been downgraded to Care BB- with negative outlook from Care BB, the rating agency said on 28 September.

Agatha All Along, the Disney+ miniseries, is scheduled for release on October 2, 2024. Following the gripping first three episodes, fans are eager to see what unfolds in the next chapter of the series, which stars Kathryn Hahn as the infamous Agatha Harkness. The show, a spin-off of WandaVision, has engaged viewers with its dark, magical storyline, and the return of familiar characters.

Agatha All Along, the new series on Disney+, will premiere its first two episodes on September 18 at 9:00 p.m. EST. The show follows a weekly release schedule with a double feature for its finale.

Azure Power, backed by CDPQ and OMERS, has said it would prepay $310 million of green bonds maturing in December 2024 through a loan from state-run REC. Azure Power had issued this bond, a total of $350 million, 5.65% senior notes in 2019. The instruments were maturing in December 2024. Now, the company will prepay $310 million of the outstanding with a loan of ₹2,400 crore arranged by REC.

Marvel series, "Agatha All Along," will premiere on September 18, 2024. This series continues the story of Agatha Harkness, a character introduced in "WandaVision." Here’s everything we know.

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Telecommunications firm Rogers Communications Inc. is abusing its market power following its blockbuster acquisition of Shaw Communications Inc., according to a complaint by a Canadian television company.

Human Rights Committee on Thursday voiced concern about alleged discrimination and violence against minority groups in India as well as over application of counter-terrorism legislation for decades in some districts of the country.

IndusInd International Holdings (IIHL) plans to borrow ₹ 4,300 crore for the Reliance Capital acquisition through a non-convertible debenture (NCD) issue. Reliance Capital is currently undergoing the corporate insolvency resolution process, with Nageswara Rao Y appointed as administrator by the Reserve Bank of India under the provisions of the Insolvency and Bankruptcy Code, 2016, following an NCLT Mumbai bench order of December 2021.

Shapoorji Pallonji Group has mandated Deutsche Bank and DAM Capital to raise Rs 3,000 crore at mid-teen interest rates to refinance high-cost debt from private credit funds Ares SSG Capital and Farallon. The debt is due for repayment next year. «Deutsche Bank and DAM Capital have been mandated to raise Rs 3,000 crore by Shapoorji Pallonji Group to arrange debt at mid-teen rates for refinancing existing liabilities,» a source familiar with the matter said. «The fundraise will reduce the interest burden from the current 18-22% rate, as the company is looking to lower the overall cost of capital.» The proceeds from this issuance will be used to refinance upcoming maturities and partially prepay Ares and Farallon. These bonds, issued in 2021 with a three-and-a-half-year tenor, are set to mature soon. The group has approached several large funds and global banks to gauge interest, two sources indicated.

Tamil Nadu government seeking a detailed report in the Foxconn case, taking suo motu cognizance of discrimination by the company which reportedly excluded married women from job at its assembly plant in Sriperumbudur, Tamil Nadu. “The Commission has observed that the contents of the media reports, if true, raise a serious issue of discrimination against married women causing the violation of the right to equality and equal opportunity,” NHRC said in a statement issued on Monday. “Therefore, the Commission has issued notices to the secretary, union ministry of labour and employment and the chief secretary, government of Tamil Nadu calling for a detailed report in the matter within one week,” NHRC said in a statement issued on Monday.

Jewish holiday of Shavuot is here and people of the community celebrates the occasion which marks the event of God giving Moses the Ten Commandments on Mount Sinai.

Shapoorji Pallonji Group (SP Group) is offering ₹400 crore more to the bondholders of group company Goswami Infratech, in exchange for their consent to extend the deadline to meet certain covenants on ₹14,300 crore of borrowings. The company, which has to pay ₹1,400 crore in interest this month, has sought a four-month window to allow it to sell some assets and ensure the payment at 18.75%.

Shapoorji Pallonji Group company Goswami Infratech has approached bond investors to tweak a debt covenant to avoid a higher interest outgo. In mid-2023, Goswami Infratech raised Rs14,300 crore zero coupon bonds maturing in April 2026, offering 18.75% as a redemption premium. These bonds also have a so-called most favoured nation (MFN) clause, which says that if any Shapoorji Pallonji (SP) group affiliate borrows at a higher rate after May 26, 2024, Goswami Infratech will have to offer the same return to its bondholders.