Ramky Infrastructure rallies on debt restructuring plans

NEW DELHI: Ramky Infrastructure Ltd rose as much as 19.94 per cent in trade on the Bombay Stock Exchange on Tuesday, after the infrastructure development and management company, said it has approved the debt restructuring programme and lenders will be converting 25% of some term loans into equity. The stock ended in upper circuit at Rs 39.10.

In its filing to BSE, Ramky Infrastructure said its board has reviewed the restructuring scheme under joint lenders forum or JLF and approved the same.

According to the restructuring scheme, interest rate on cash credit (CC), working capital term loan (WCTL), term loans (TL) and short-term loans (STL) have been cut to 11% per annum from 1 October 2014 to 30 September 2016 and 11.25% from 1 October 2016 to 30 SEPTEMBER 2017 and 11.5% from 1 October 2017 onwards, the company said.

The company will also get additional non-fund facilities of Rs623 crore while promoter will infuse Rs53.96 crore by way of unsecured loan.