SPCPL pay as you go its mortgage in order to be protected from getting the defaulter tag. In keeping with an individual cited above, the corporate needed to cut back its debt by March, in accordance with the OTR phrases, in order to have the ability to meet sure monetary covenants regarding the debt-to-equity ratio.
It could be famous that the OTR’s time period offered for a 2-year moratorium, and the fee for the principal mortgage was to start out from September 2022. “Nonetheless, the corporate was unable to fulfill monetary covenants, which might outcome within the lenders tagging them as a defaulter. To keep away from this, it pay as you go your entire mortgage,” stated the individual.
One other try to chop down on the group’s debt was made over the last calendar 12 months when SP group promoted Evangelos Ventures raised Rs 9,530 crore from the affiliate corporations of personal fairness funds Ares SSG Capital and Farallon Capital.