PCBL Chemical Limited has informed the Exchange about Intimation regarding the outcome of the meeting of the Fund Raising Committee of the Board of Directors of PCBL Chemical Limited (formerly known as PCBL Limited) ( Company ), pursuant to Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( SEBI Listing Regulations ) w.r.t amendments to the debenture trust deed dated January 20, 2024 for deferring the testing of a financial covenant.
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PCBL Chemical Limited's Fund Raising Committee has approved amending its debenture trust deed to defer the testing of the 'Consolidated Gross Debt/EBITDA' financial covenant for the financial year 2025-2026. This applies to its ₹700 crore rated, listed, secured, redeemable non-convertible debentures (ISIN: INE602A07020) issued under the debenture trust deed dated January 20, 2024. A meeting of debenture holders has been called on March 13, 2026 (on shorter notice) to seek their approval for this amendment, which requires special approval (75%+ of debenture holders). The company says the deferral is needed to support its planned growth and business expansion.
This signals that PCBL may not be able to meet its existing debt-to-EBITDA covenant for FY2025-2026 and is seeking relaxation from debenture holders. While the company frames it as a growth-driven request, investors may view covenant deferral as a negative signal about the company's current leverage position. Shareholders should watch the debenture holder meeting outcome on March 13, 2026 and monitor any rating agency responses.