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BluSmart bond holders may invoke immediate repayment provisions

Economic Times

Economic Times · 3m ago

BluSmart bond holders may invoke immediate repayment provisions

Investors in BluSmart Mobility's bonds are invoking 'Event of Default' provisions due to governance issues at the electric cab service. The company raised over Rs 100 crore through non-convertible debentures but delayed payments and potential defaults are worrying investors. Creditor concerns that BluSmart's fleet isn't proper collateral exacerbate the situation. With allegations of fund misuse and whistleblower complaints against affiliate Gensol Engineering, investors question the platforms selling these unlisted bonds despite existing red flags.

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Gensol defaults on BluSmart-linked bond repayment for May

Economic Times

Economic Times · 2m ago

Gensol defaults on BluSmart-linked bond repayment for May

Gensol Engineering, linked to BluSmart, defaulted on a Rs 4 crore payment to pass-through certificate holders, following a successful April payment. The default arises as BluSmart cab services ceased, affecting revenue from vehicles used as collateral. Gensol, under scrutiny for fund misuse, is working with Vriksh Advisors to sell or lease these vehicles to repay investors. Meanwhile, BluSmart's operations halt while assessments on asset utility and loan repayment continue amid ongoing investigations.

Vedanta Resources' bond restructuring proposal sails through

Livemint

Livemint · 1y ago

Vedanta Resources' bond restructuring proposal sails through

Investors have overwhelmingly voted in favor of Vedanta Resources' proposal to restructure its $3.8 billion outstanding notes. The company secured over 95% votes in favor, surpassing the required threshold of 66.67%. This restructuring will help Vedanta break its debt repayment cycle and extend its repayment schedule until 2026. The company plans to make an upfront payment and extend the maturity of three of its bond series, while also selling some of its businesses to reduce its immediate debt load.

Moody's downgrades Vedanta as bond restructuring gets investor nod

Livemint

Livemint · 1y ago

Moody's downgrades Vedanta as bond restructuring gets investor nod

Moody's has downgraded the credit rating of Vedanta Resources Ltd (VRL) as the company proceeds with its bond restructuring exercise. The corporate family rating was lowered to Caa3 and the rating of the company's bonds to Ca. The restructuring involves delaying the maturity of some outstanding bond series, aiming to reduce immediate debt load and provide a longer repayment cycle. However, Moody's analysts believe that the company will still face liquidity issues in the next 24 months, and S&P analysts warn of possible downgrades following the restructuring.

BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues

Economic Times

Economic Times · 3m ago

BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues

High net-worth individuals (HNIs) and retail investors face uncertainty over BluSmart Mobility bonds, sold via fintech platforms like Yubi, Centricity, and Klub, as BluSmart halts operations and struggles with cash flow issues. The electric cab-hailing company’s failure to secure $50 million in funding and an ongoing investigation by Sebi into Gensol Engineering compound repayment concerns for bondholders, who fear repayment delays and defaults despite reassurances from BluSmart's founder.

End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

Economic Times

Economic Times · 4m ago

End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

BluSmart, an electric vehicle ride-hailing firm, is struggling due to Gensol Engineering’s debt repayment crisis. Gensol, which leased about 3,000 EVs to BluSmart, is selling these vehicles to manage its debt. This move impacts BluSmart’s operations and intensifies competition from rivals like Rapido. Additionally, BluSmart faces internal challenges, with three key executives recently resigning and scaling back international expansion plans, including shuttering operations in Dubai amidst difficulties in raising fresh capital.

Apple prices first bond offering in 2 years

Economic Times

Economic Times · 3m ago

Apple prices first bond offering in 2 years

Apple raised $4.5 billion through bond offerings, its first in two years, to fund stock buybacks and debt repayment. The issuance included various bond maturities and attracted substantial demand, with orders hitting $10 billion. This activity is part of a broader surge in new debt offerings amid improving credit spreads and market conditions post-tariff relief announcements. High demand for investment-grade bonds reflects investor preference for stable returns amid economic uncertainties.

CRED Enables Easy Credit Card Bill Payments Via BBPS

Inc42 · 11m ago

CRED Enables Easy Credit Card Bill Payments Via BBPS

CRED has become a certified customer operating unit (COU) on the Bharat Bill Payment System (BBPS), enabling credit card holders to pay their bills instantly. This move comes after the Reserve Bank of India (RBI) mandated that all credit card bill payments through third-party applications must go through BBPS. In addition, CRED has launched a new feature called CRED Guarantee, which facilitates timely repayment of credit card outstanding amounts.

Adani Enterprises' Rs 500-crore NCD issue oversubscribed 3x

Economic Times

Economic Times · 1m ago

Adani Enterprises' Rs 500-crore NCD issue oversubscribed 3x

Adani Enterprises' ₹500-crore non-convertible debenture (NCD) issue was oversubscribed three times on the first day, reflecting strong retail interest. The company plans to use at least 75% of the funds for debt repayment and offers an effective yield of up to 9.30%. This marks the second instance of the company raising funds through the domestic bond market, following an ₹800 crore issue in 2024.

Exclusive: BluSmart crisis likely to draw Sebi heat on unlisted bond market

Economic Times

Economic Times · 3m ago

Exclusive: BluSmart crisis likely to draw Sebi heat on unlisted bond market

The BluSmart Mobility crisis, involving the sale of over Rs 100 crore in unlisted, unsecured bonds, has prompted potential regulatory scrutiny from SEBI over the unlisted bond market. The market predominantly facilitated by fintech platforms faces accusations of mis-selling high-risk products to investors. SEBI is expected to tighten norms and increase oversight, possibly imposing fines. This scrutiny aims to protect retail investors by limiting their exposure to such high-risk securities.

BluSmart Repays Rs 30 Crore of Debt After Default Scare: Report

OutlookIndia

OutlookIndia · 5m ago

BluSmart Repays Rs 30 Crore of Debt After Default Scare: Report

BluSmart, an electric cab-hailing service, successfully repaid Rs 30 crore of non-convertible debentures despite an earlier default scare due to a cash crunch. The repayment was made with Rs 18 crore cleared by February 21 and the rest by February 22, 2025. Initially, the payment was due on February 3. The company, operating with a fleet of 8,000 EVs in cities like Delhi and Bengaluru, plans further expansion in the UAE and surrounding regions.

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