Shapoorji Pallonji Seeks Temporary LTV Relief
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.
Scoring Rationale
Moderate financial significance with clear covenant detail, but limited industry scope and anonymous sourcing reduce impact.
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Sources
- Read OriginalShapoorji Pallonji seeks bondholder nod for LTV relief on earlier NCDseconomictimes.indiatimes.com
