Deals4 Dec 2025, 02:39 pm
Fortis Healthcare Modifies Debenture Terms with Axis Trustee Services
AI Summary
Fortis Healthcare Ltd. has executed an amendment to the Debenture Trust Deed with Axis Trustee Services Limited for certain modifications in the terms of Debentures. The modifications include changes in the spread, reduction in fees for arrangers, alterations in security, and adjustments in shareholding covenants. The Debentures in question are secured, senior, rated, listed, non-convertible debentures of face value INR 1,00,000 each, amounting to INR 1550,00,00,000.
Key Highlights
- Changes in spread from 192 basis points to 150 basis points for certain periods
- Reduction in arranger fees for The Hongkong and Shanghai Banking Corporation Limited, Mumbai and Mizuho Bank Ltd, and DBS Bank India Limited
- Alterations in security from secured to unsecured, with a negative lien on 25,217,126 equity shares of Agilus Diagnostics Limited held by Fortis Healthcare Limited
- Additional flexibility on dilution of IHH’s stake in Fortis Healthcare Ltd, with no prior approval from investors required for change of control
- Fortis Healthcare Ltd will not provide security to new FPI NCD issuances, but if security is provided, it will be on a pari-passu basis or by other similar security