Financial Daily from THE HINDU group of publications
Sunday, Jan 23, 2005
Financial Daily from THE HINDU group of publications Sunday, Jan 23, 2005 |
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Corporate
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Restructuring Essar Oil board meet to discuss CDR package Our Bureau
Mumbai , Jan. 22 THE board of Essar Oil Ltd will meet on January 28, to consider steps to be taken to implement the debt-restructuring proposal approved by the lenders to its 12 million-tonne refinery project, the company has informed the stock exchanges. The corporate debt- restructuring team, lead by ICICI Bank, had approved the debt recast last year subject to the promoters meeting certain pre-conditions. The board meeting is expected to consider the plan of action proposed by the promoters to comply with these conditions and discuss a road map for executing the project. The CDR cell, which reappraised the project, had revised its cost to Rs 9,863 crore. According to company officials, the group proposed to raise about $300 million through foreign currency convertible bonds to finance the project, being set up at Vadinar in Gujarat. Meanwhile, work at the refinery site has restarted. As per the scheme, the project would be completed in 18-24 months. The board meeting will also consider the financial results of the company for the quarter ended December 31, 2004.
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