JP Associates defaults on payment

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After Byju’s, Jaiprakash Associates, Jaypee Group’s largest entity has defaulted on loan repayments worth Rs 3,961 crores, which were due on May 31st. This consisted of Rs 1,600 crore of principal and interest amount worth Rs 2,361 crores. Jaiprakash Associates, which is in the process of restructuring its loans, has to pay back a total of Rs 29,429 crores including principal and interest, by 2037. It further noted in its filings a reduction of another Rs 18,231 crores worth of loans, since they will be transferred to a Special Purpose Vehicle (SPV), which is pending NCLT sanction. The company is already contesting insolvency petitions filed by ICICI in 2018 and SBI in 2022, in the NCLT.

Adani kept borrowing even after Hindenburg report The Adani Group remains in news. The group in its presentation to the Reserve Bank of India said it raised about 19235 cr rupees after the Hindenburg report was released in January. After this the total debt of the group is estimated at 2.27 lakh crore rupees. The group has 40,000 crore rupees in in hand. In other new, the group plans to hit the global bond market by September this year to raise up to 2 billion dollars via sustainability linked and green bonds. The companies that may issue these bonds are Adani Transmission, Adani Ports and Adani Green. And staying with Adani, the group said it will go slow on acquisition this year as the cost of capital is getting expensive. The group’s shares have recouped some 50b dollars after losing almost 150b dollars in market cap following the Hindenburg report.