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ICICI Bank has taken 5.15 per cent stake, the highest exposure among lenders, the company said in a disclosure to BSE. Among others, IDBI Bank has got 2.13 per cent, IFCI 1.63 per cent, and State Bank of India 0.16 per cent. LIC, which already has a 3.25 per cent stake in the company, has got 1.427 million shares issued to it, taking its stake to 3.56 per cent.
With this, lenders together will have an aggregate of 12.63 per cent stake in Hindustan Motors.
The company was due to exit the restructured debt obligation as it has completed 10 years in the CDR scheme.
Interest payment as of March was Rs 90.21 crore, including the effect of compounding over 10 years over deference in interest rates for respective years. Of this, the CDR empowered group waived 25 per cent in June and approved payment of Rs 67.66 crore by a combination of cash, secured debentures and equity shares, according to the annual report of the company.
As of June, the promoter C K Birla group was holding 36.52 per cent stake in the company.
The company is struggling as production of its flagship Ambassador car has stopped after its Uttarpara plant near Kolkata was closed on May 23. Hindustan Motors is also looking to divest stake in the Chennai plant, which it had transferred to Hindustan Motor Finance Corporation, a subsidiary. The unit produces various cars in collaboration with Mitsubishi Motors of Japan.
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