Sharemasterindia.com:
Ramky Infrastructure shares rose nearly 5 per cent to hit an intraday high of Rs 30.75 on Tuesday after six lenders from a consortium of nine banks approved the company's debt restructuring plan.
Construction and engineering firm Ramky Infrastructure said in a filing to the BSE that on June 12, the company executed the debt restructuring with six lenders comprising namely State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI Bank, ICICI Bank and Axis Bank.
Ramky Infrastructure CFO Vijay Kumar told NDTV that the total debt restructuring package is pegged at Rs 2,700 crore. He also said the six banks, which approved the debt restructuring of the company, constitute about 92 per cent of the restructured debt.
The company went for debt restructuring as it could not service interest obligation on debt for more than 60 days, he further said.
The six banks have provided additional funding of Rs 232 crore to the company for working capital requirement. Interest rate for servicing the debt has been eased from 14.5 per cent to 11 per cent, he added.
The company has debt of over Rs 1,400 crore which excludes the current loan of Rs 232 crore.
Mr Kumar also said Ramky Infra expects to raise around Rs 1,000 crore from sale of road assets to reduce its debt burden.
At 1:45 p.m., Ramky Infra stock was trading 0.51 per cent higher at Rs 29.50 apiece on the BSE.
Ramky Infrastructure shares rose nearly 5 per cent to hit an intraday high of Rs 30.75 on Tuesday after six lenders from a consortium of nine banks approved the company's debt restructuring plan.
Construction and engineering firm Ramky Infrastructure said in a filing to the BSE that on June 12, the company executed the debt restructuring with six lenders comprising namely State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI Bank, ICICI Bank and Axis Bank.
Ramky Infrastructure CFO Vijay Kumar told NDTV that the total debt restructuring package is pegged at Rs 2,700 crore. He also said the six banks, which approved the debt restructuring of the company, constitute about 92 per cent of the restructured debt.
The company went for debt restructuring as it could not service interest obligation on debt for more than 60 days, he further said.
The six banks have provided additional funding of Rs 232 crore to the company for working capital requirement. Interest rate for servicing the debt has been eased from 14.5 per cent to 11 per cent, he added.
The company has debt of over Rs 1,400 crore which excludes the current loan of Rs 232 crore.
Mr Kumar also said Ramky Infra expects to raise around Rs 1,000 crore from sale of road assets to reduce its debt burden.
At 1:45 p.m., Ramky Infra stock was trading 0.51 per cent higher at Rs 29.50 apiece on the BSE.
No comments:
Post a Comment