Security cover certificate for the period ended on March 31, 2025
Awaiting price reaction for this filing.
IndiGrid Infrastructure Trust has filed its Security Cover Certificate with BSE and NSE for the period ending March 31, 2025, as required by SEBI's listing rules for listed non-convertible debentures (NCDs). The certificate, audited by SR BC & Co LLP, confirms that the trust has maintained the required 100% security cover for all 29 outstanding NCD series and term loans. The total secured debt outstanding stands at ₹1,88,564.34 million (around ₹18,856 crore), against total assets on pari-passu charge of ₹2,76,461.63 million on book value and ₹2,95,737.81 million on market value. This translates to a security cover of 1.42x on book value and 1.57x on market value, comfortably above the 1.00x requirement. The security is primarily in the form of pledged shares of 36 subsidiary/SPV companies that own transmission and solar power assets. The auditor also confirmed compliance with all financial, affirmative, and negative covenants, including debt service coverage ratio and consolidated net debt-to-EBITDA tests.
This is a routine regulatory compliance filing and is positive for NCD holders, as it confirms the trust has a healthy cushion (42–57% above the required cover) to back its debt obligations. No material impact on unit (stock) price is expected from this disclosure alone, though it reassures investors about the trust's financial discipline and asset backing.