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Why Two NBFCs Have Sought Easing of Their Bond Covenants
May 27, 2025
|Mint Bangalore
Two non-bank financiers lending to small businesses have separately approached their bondholders, seeking relaxations on covenants that were part of their original agreements to raise funds.
Ugro Capital and Aye Finance raised bonds worth ₹49.28 crore and ₹50 crore, in 2022 and 2024, respectively. The lenders have now requested bondholders to waive certain covenants, and the respective bond trustees have conveyed them to the investors. In finance, covenants are part of agreements that prescribe certain dos and don'ts for issuers of these debt securities. A breach allows bondholders to seek additional interest, among other things.
While Ugro Capital has breached its covenant around maintenance of capital to risk-weighted assets ratio (CRAR) or capital adequacy ratio, Aye Finance believes it could breach the ceiling on stressed assets. Mint has seen a screenshot of the email detailing Ugro's request, and the text of the email sent on Aye Finance's request. Ugro has assets under management of ₹12,003 crore as on 31 March, whereas Aye Finance has assets of ₹4,975 crore as on 30 September (latest available).
هذه القصة من طبعة May 27, 2025 من Mint Bangalore.
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