Industry Newsbond covenantscorporate debttcsgeopolitics
Shapoorji Pallonji Seeks Temporary LTV Relief
5.1
Shapoorji Pallonji Group is asking holders of ₹28,600 crore 19.75% bonds issued by Porteast Investment to temporarily raise the loan-to-value covenant to 40% from 34% for three months amid market volatility tied to the Iran war. The LTV is near 33%—with roughly half the collateral in Tata Consultancy Services shares that have fallen about 30%—to avoid triggering default while refinancing.
Key Points
- 1Requests bondholders to raise LTV covenant to 40% from 34% for three months
- 2Cites market volatility from Iran war and 30% TCS share decline reducing collateral value
- 3Seeks temporary flexibility to avoid default risk while pursuing about ₹28,000 crore refinancing
Scoring Rationale
Moderate financial significance with clear covenant detail, but limited industry scope and anonymous sourcing reduce impact.
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