I tried looking, but the only thing I could find was in SpiceJet’s FY21 Annual Report:
During the previous year, the Group had taken a loan of Rs. 500 million from IDFC First Bank Limited. The loan is repayable after 3 years from the date of the borrowing and carries an interest rate of 12.35% per annum. The loan has been secured by first pari-passu charge on the land of the Holding Company and one of the subsidiary (Canvin Real Estate Private Limited) and pledge on equity shares of the Holding Company for 1.0x of total facility. The loan agreement requires the Holding Company to maintain debt service coverage ratio of 1.25. The Group have not complied with this financial covenant and accordingly, the borrowing have been reclassified to current maturities of long term borrowings.
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