Sunday, October 11
Mumbai: Singapore's Temasek-backed digital lender Lendingkart Finance has reported losses before tax for 2024-25, a development that has triggered a breach of covenant on bonds raised by the company in January 2024, said people with knowledge of the matter.Lendingkart Finance had raised ₹75 crore senior secured two-year bond at 11.25% on January 30, 2024. One of the covenants of the bond is that during the tenure of the bond, the company must post profits before taxes.Having breached this covenant, the fintech sought a waiver from the bondholders last week, said the people. The breach of covenant in this case implies that the bondholders can seek accelerated payments of all their dues or even terminate the credit facility, according to the bond document.However, the bondholders are likel
