Bhushan Steel rallies; lenders approve loan restructuring
JLF deciding on Bhushan Steel Ltd's debt restructuring plan has agreed to refinance its Rs 35K crore loans under the so-called 5/25 scheme.
By ET Online |
NEW DELHI: Bhushan Steel Ltd ended the day at Rs 71.70, up 18.51%, after the company said that Joint Lenders Forum has approved its plan for a long-term restructuring of the loans.
In a BSE filing, the firm said: "On December 15, 2014, RBI announced a scheme for long-term structuring of loans in line with Cash Flows.
"The Joint Lenders Forum have agreed to extend loans of BSL for a tenure of 25 years under the said scheme. However, the respective authorities of the banks have to approve the scheme, which is under process with the respective banks."
A consortium of bankers led by Punjab National Bank (PNB) has a total exposure of about Rs 40,000 crore in the company, PTI reported. Besides PNB, the other banks include State Bank of India, Canara Bank, Bank of India and Dena Bank.
In a BSE filing, the firm said: "On December 15, 2014, RBI announced a scheme for long-term structuring of loans in line with Cash Flows.
"The Joint Lenders Forum have agreed to extend loans of BSL for a tenure of 25 years under the said scheme. However, the respective authorities of the banks have to approve the scheme, which is under process with the respective banks."
A consortium of bankers led by Punjab National Bank (PNB) has a total exposure of about Rs 40,000 crore in the company, PTI reported. Besides PNB, the other banks include State Bank of India, Canara Bank, Bank of India and Dena Bank.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
