ALSO READAnkit Metal & Power net profit declines 19.35% in the June 2013 quarter Ankit Metal & Power net profit declines 60.74% in the September 2013 quarter Ankit Metal & Power reports net loss of Rs 25.01 crore in the December 2013 quarter Ankit Metal & Power reports net loss of Rs 67.00 crore in the March 2014 quarter Outcome of board meeting of Ankit Metal & Power
Put forth to CDR cellAnkit Metal & Power announced that the debt restructuring package has been put up with CDR cell. Debts from nationalised banks consisting of term loan of Rs 436.72 crore and working capital of Rs 555.60 crore are proposed to be restructured.
The scheme proposes as follows -
Creation of working capital term loan (WCTL)towards letter of credit development and short fall in drawing power.
Moratorium period of two years from cut of date (COD) of 01 February 2014 for term loan and working capital term loan instalment payment and repayable in eight years after moratorium expires.
Funding of interest on term loan and WCTL for a period of two years from the COD & funding of interest on cash credit for a period of nine months from the date of COD by way of creation of FITL.
Concessional rate of interest on CC, TL, WCTL and FITL.
Cost of the proposed scheme is Rs 410 crore.
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