Covenant Financial News

₹4 trillion on 31 March 2024 (a fifth of the system’s net worth of over ₹21 trillion), with Tier 1 bonds accounting for around 30% of total outstanding debt capital instruments. Over the last decade, the covenants for coupon payments on Tier 1 bonds have undergone a change to ease the ability of banks to service them. This has also improved investor appetite for these bonds, which can be serviced only through the profits or accumulated profits of banks.

Tata Communications has raised $250-million loan from ANZ, DBS and Export Development Canada for five years under the sustainability-linked loan (SLL) framework, chief financial officer Kabir Ahmed Shakir said. The company will look at the framework for long term debt financing and refinancing of existing debt, he said. "Our endeavour is to finance our future borrowings (including refinancing of existing debt as it matures) under the SLL released.

Prime Video's Them: The Scare, the highly anticipated second season of the horror anthology series, is set to haunt Los Angeles County once more. Plot

Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future following the takeover of the theme park resort’s government by the Florida governor

A Finra arbitration panel ruled in favor of a handful of former Morgan Stanley financial advisors, ordering the investment firm to pay them approximately $3 million in a dispute over deferred compensation.

Prosus NV, General Atlantic, Sofina, and Peak XV Partners, who have filed a case before the National Company Law Tribunal (NCLT) against Byju's $200 million rights issue. These investors allege that the issue suppresses their rights and accuse the company of mismanagement.

Goswami Infratech, a Shapoorji Pallonji Group company, has proposed to repay ₹7,000 crore or half the debt raised through non-convertible debentures (NCDs) last year, even as it stares at a sharp jump in coupon payments by the end of this month if it doesn't complete the sale of its Gopalpur port. As part of its debt repayment strategy, Goswami Infratech has floated a plan to repay debenture holders with ₹7,000 crore, leveraging the monetisation of Afcons Infrastructure, according to a consent note sent to existing holders of 18.75% bond maturing in June 2026.

₹9,362.35 crore. Mint explains the circumstances behind the various legal cases Byju’s is battling. On 22 February, a consortium of four Byju’s investors—Prosus NV, General Atlantic, Sofina, and Peak XV Partners, with support from Tiger Global and Owl Ventures—moved the Bengaluru bench of the NCLT against the edtech firm’s rights issue.

Hinduja Group is in discussions to borrow ₹4,000 crore from non-banking financial company 360 One Prime (formerly IIFL Wealth Prime) to part-finance its acquisition of Anil Ambani-promoted Reliance Capital under the bankruptcy code, two people aware of the negotiations said. IndusInd International Holdings (IIHL), the holding company of Hinduja Group, is looking to borrow a total of ₹8,000 crore for the deal, but it has been facing pricing challenges with various credit funds demanding rates on the higher side. While 360 One Prime has offered to lend ₹4,000 crore at 14-15%, other private credit funds, including Ares SSG, too, have expressed interest in lending, albeit at higher interest rates and with better covenants, one of the people cited above told ET.

Vedanta Resources to SD, or selective default, calling the company’s recent bond restructuring exercise as a distressed transaction. This is the second downgrade for the company this week after Moody’s downgraded its corporate family rating to Caa3 from Caa2. "We view Vedanta Resources' just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction," S&P analysts noted.

Moody's Investors Service on Tuesday said it has downgraded its rating on the senior unsecured bonds issued by Vedanta Resources to Ca from Caa3. The rating for the Corporate Family Rating (CFR) of Vedanta Resources was also downgraded to Caa3 from Caa2, Moody's said.

Vedanta Resources Ltd (VRL), the London-based parent of Vedanta Ltd, as the company goes ahead with its bond restructuring exercise that will delay its immediate debt obligations. The company’s corporate family rating (CFR) was downgraded to Caa3 from Caa2. Moody’s also downgraded the rating of the company’s bonds to Ca from Caa3.

Wipro has initiated legal proceedings against its former CFO, Jatin Dalal, in a civil court in Bengaluru. In response, Dalal has filed an application requesting the court to refer the matter to arbitration. While the specific grounds for the lawsuit remain unclear, arguments from both parties have been presented, and the next hearing is scheduled for January 3, according to a report by Times of India.

Wipro has filed a complaint against a former senior executive for violation of a non-compete clause in his employment contract by joining Wipro’s direct competitor Cognizant before August this year. In its complaint, Wipro said Mohd Haque, who quit in June this year, had agreed to certain restrictions on his post-employment activities, including prohibition of work for a small set of Wipro competitors including Cognizant, for 12 months after his employment ended. Upon Haque’s promotion to the role of Wipro’s senior vice president (SVP) and localisation as a US employee, he was eligible to receive more than $1 million in equity awards over many years, said the complaint filed in a US court.

Ola Electric IPO: SoftBank Group-backed e-scooter maker company filed DRHP (Draft Red Herring Prospectus) with market regulator Securities and Exchange Board of India (SEBI) on Friday last week. The proposed public issue includes a fresh equity share release of up to ₹5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹10 per equity share.

Miriam Cates is under investigation by the parliamentary commissioner for standards over claim that she caused significant damage to the reputation of the Commons and its members. Cates is MP for Penistone and Stocksbridge in South Yorkshire It was confirmed by the watchdog on their website. Allegation details is yet to be revealed.

Azure Power Global, owned by Canada's CDPQ and OMERS Infrastructure, has received support from 99% of bondholders for its proposal to repurchase a portion of bonds issued by two of its units at their face value. The company had on November 28 initiated a consent solicitation process to buy back bonds with a total value of $60 million issued by two special purpose vehicles: Azure Power Solar Energy and Azure Power Energy, as reported by ET. Proposal looked to amend certain terms for 2024 and 2026 notes.

horror films hitting theaters. Delays and controversies pushed release dates, but as the new year approaches, brace for a thrilling line-up, including a Jordan Peele chiller and the much-awaited "A Quiet Place: Day One."

Paramount Plus and makers have dropped the teaser trailer of the show on YouTube. 'Halo' Season 2 will be releasing on Paramount+ on February 8, 2024. 'Halo' Season 2 follows the storyline of Master Chief John-117 leads his team of elite Spartans against the alien threat known as the Covenant. As humanity’s best hope for winning the war, John-117 discovers his deep connection to a mysterious alien structure that holds the key to humankind’s salvation, or its destruction — the Halo. Showrunner David Wiener, actor Pablo Schreiber, and new cast member Joseph Morgan presented exclusive footage during a presentation at CCXP São Paulo, Brazil, unveiling glimpses of the upcoming season. The adrenaline-fueled trailer not only promises more intense battles but also offers a fresh perspective on Cortana (Jen Taylor). Season two will welcome new cast member Cristina Rodlo, portraying Talia Perez, a linguistics specialist and corporal in a UNSC Marine Corps communications unit. Halo Season one is currently available for streaming on Paramount+.

Sterling and Wilson Renewable Energy (SWREL) infused ₹418 crore into the company to avert the possibility of lenders tagging them as defaulters, said people with knowledge of the development. The company missed payments of ₹135 crore on September 30, and if it had failed to clear these dues by December 30, lenders would have to tag it as a non-performing loan (NPA) as per the Reserve Bank of India's guidelines. The ₹418 crore funds, infused on November 30, would be used to clear all its missed payments. Also, the company has begun the process to raise ₹1,500 crore through equity sale to institutional investors, people cited above said