PCBL Chemical Limited announced that its debenture holders approved a crucial amendment to the Debenture Trust Deed during a meeting held on March 13, 2026. The amendment defers the testing of the “Consolidated Gross Debt / EBITDA” financial covenant for the financial years 2025-2026. This outcome confirms the successful outcome of the proposal previously intimated to exchanges on March 9, 2026, providing immediate operational flexibility to the company.
Outcome of Debenture Holders’ Meeting Confirmed
PCBL Chemical Limited (formerly PCBL Limited) has officially communicated the result of the meeting of its debenture holders, which took place on March 13, 2026. The communication, sent to the stock exchanges, confirms that the necessary approvals were received for a material change to the existing debt instrument documentation.
Key Amendment Approved
The primary agenda item, which was previously outlined in a letter dated March 9, 2026, concerned an “Amendment” to the Debenture Trust Deed dated January 20, 2024. Debenture holders accorded their approval to this amendment, which specifically pertains to deferring the testing of a financial covenant.
Specific Covenant Deferral Details
The approval granted by the debenture holders concerns clause 2.13(a) of Schedule V of the Debenture Trust Deed (DTD). This amendment will effectively defer the testing of the financial covenant referenced as “Consolidated Gross Debt / EBITDA” for the upcoming financial years, specifically 2025-2026.
The Debenture Trustee, Catalyst Trusteeship Limited, confirmed receipt of approval from all debenture holders for the amendment and the subsequent execution of the amended DTD. This resolution provides the issuer company, PCBL Chemical Limited, with short-term relief concerning the stated financial metric test.
Source: BSE
