Aditya Birla Real Estate has modified the financial covenants of its debenture trust deeds related to a ₹500 Crore issuance of non-convertible debentures. The modification, effective from December 4, 2025, involves changes to the Net Debt to Equity ratio. This change has received in-principle approval from the BSE and is formalized through an amendment to the debenture trust deeds.
Debenture Covenant Changes
Aditya Birla Real Estate Limited has announced modifications to the financial covenants of its Debenture Trust Deeds (DTDs) concerning ₹500 Crores of Non-Convertible Debentures (NCDs). These debentures were issued under ISIN INE055A08060.
Key Details of the Modification
The change pertains to the Net Debt to Equity ratio. Previously, the ratio of Net Debt to equity was not to exceed 1.10 times until the final settlement dates. The revised covenant now states that the Net Debt to Equity (Consolidated) should not exceed 1.5x up to March 31, 2026, and thereafter, not exceed 1.75x effective April 1, 2026.
BSE Approval and Amendment Deed
The company received in-principle approval from the BSE Limited for this modification on December 3, 2025. Furthermore, the company has executed the First Amendment Deed to the Debenture Trust Deeds with SBICAP Trustee Company Limited on December 4, 2025. This modification provides updated financial flexibility for the company concerning the specified debentures.
Source: BSE
