Covenant Financial News

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₹30 to ₹32 per equity share of face value of ₹10. Some of the key risks highlighted by IREDA in its Red Herring Prospectus, or RHP, include- 1- IREDA's business and financial performance could suffer if it is unable to effectively manage the quality of its growing asset portfolio and control the level of our non -performing assets ("NPAs") 2- Volatility in interest rates could adversely affect IREDA business, net interest income and net interest margin, which in turn would adversely affect business, results of operations and financial condition. 3.

Struggling pathology labs group Healius intends raising $187 million in fresh capital to help reduce the high debt levels troubling its banking syndicate after its pathology business was hit by a sharp decline in COVID-19 testing volumes.

Listed pathology business Healius pressed play on a $187 million entitlement offer on Monday afternoon, after preparations for the equity markets trip were revealed by Street Talk before market open. 

Listed pathology player Healius, which has had competitor Australian Clinical Labs on its tail since March, is preparing to launch an equity raising to shore up its balance sheet, Street Talk understands.

personal guarantees given by promoters of companies raising bank loans, said people at advisory firms. The move is aimed at preventing them from transferring these personal assets to a special trust, which may be bankruptcy remote. This move by banks follows the recent landmark Supreme Court order that upheld the constitutional validity of recovery provisions against personal guarantors under the Insolvency and Bankruptcy Code (IBC).

₹1,400 crore, people familiar with the deal said. The deal closed on Friday, marking Davidson Kempner's exit from the firm. An entity owned by Pai bought all the non-convertible debentures (NCDs) of Davidson Kempner on NSE's Cbrics platform.

(Reuters) -Hipgnosis Songs Fund Ltd, which had been undertaking a review of its financial position, said on Monday it would not declare dividends before its new fiscal year starting April 1 to save cash.

Tom Cahill, the co-head of tactical investing at Morgan Stanley Investment Management, sees “some interesting credit opportunities” opening up for investors as companies need to refinance their borrowings in a higher-interest rate environment.

Vodafone Idea's net loss for the fiscal second quarter widened sequentially to ₹8,737.9 crore from ₹7840 crore, as the cash-strapped telco provisioned for higher taxes following a recent top court ruling, and interest costs continued to weigh. Vodafone Idea, a joint venture between UK's Vodafone Group Plc and India's Aditya Birla Group (ABG), saw average revenue per user (ARPU), a key performance metric, rise over 2% on-quarter to ₹142, as it added more 4G users. But the telco kept losing subscribers overall to end the period with 219.8 million. In a statement, the telco said, «With improving operations, we have seen the lowest quarterly subscriber decline of 1.6 million since merger.» Quarterly revenue was flat sequentially at ₹10,716.3 crore as compared with ₹10, 655.5 crore in the April-June quarter. «We are pleased to report another quarter of consecutive revenue growth, improvement in ARPU and 4G subscriber additions.

JSW Infrastructure is in talks to buy Shapoorji Pallonji's (SP) ports arm, Gopalpur Ports, at an estimated enterprise value of 3,000 crore that includes the company's debt, according to people familiar with the matter. The unit is being divested as part of commitments that SP's promoters, the Mistry family, have made to financiers in loan covenants entered into with them, according to the sources. As per the covenants, SP Group has committed to divest the unit by March 31 next year.

Taylor Swift’s Australian ticket sale is over, and so is the sale process for Ticketek-owner TEG.

₹300 crore financial facility to Byju’s parent, Think & Learn Pvt. Ltd, as part of a broader transaction that is expected to facilitate a partial exit for the Chaudhry family from Aakash Educational Services Ltd, two people with knowledge of the deal said. Pai’s total investment in the group might reach $300 million if all the pieces of the deal fall in place, one of the people cited above said.

The value of 99 Bikes-owner Pedal Group has almost halved since the peak of cycling mania during the coronavirus pandemic, as an oversupply of bicycles bites.

Refer to Figure 1. This rapid growth in D2C and ecommerce is set against a backdrop of declining Venture Capital (VC) funding. Encouraged by the online surge caused during Covid-19, VC funding increased in the years 2019 all the way to 2021, and reached an all-time high at H2 CY2021.

More companies are borrowing against their assets, including inventory and receivables, as finance chiefs look to bolster liquidity amid financial stress from inflation and high interest rates. Asset-based loans have a particular appeal for chief financial officers during periods of economic uncertainty. The draw: Companies don’t need to meet the same types of leverage and performance requirements included in loans based on a company’s cash flow.

Private equity firms have been increasingly adding another layer of debt to their complex borrowing arrangements, raising concern among some investors about potential risks to the wider industry and the financial system.

Reserve Bank of India (RBI) has proposed a transparent mechanism for declaring a borrower a wilful defaulter. It's also expanding the definition and is planning to make it harder for such defaulters to secure funding for future ventures. The move follows a Supreme Court decision earlier this year that made it mandatory for lenders to give borrowers a chance to represent themselves before declaring an account as fraudulent. The central bank has also laid down a lengthy system of identification to make it foolproof.

Azure Power Global is looking to tap existing investors — Canada's CDPQ and OMERS — and also exploring options like selling minority stakes in its projects and bank debt, to raise as much as ₹5,800 crore ($700 million) to fund capacity expansion. It is considering part equity and part debt for the fundraising as it works to limit leverage. «Azure Power will need $700 million to deliver the next three power projects including 700 MW solar, 120 MW wind and 150 MW hybrid project,» said a company spokesperson. «To deliver the projects by next financial year, Azure will have to bring in part equity and raise debt.

Much as Citadel Securities is lauded for itsgenerosity and itsfine internships, people there do leave. And when they do, the strict covenants in its employment contracts can be challenging, not least because Citadel Securities polices them very aggressively.

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