Ind-Swift Laboratories’ board has approved the corporate debt restructuring programme to recast its nearly Rs 600-crore loans.
“In view of the adverse market conditions and debt burden, the board of directors of the company at its meeting held on July 14, 2012, has accorded its consent for making reference to the Corporate Debt Restructuring (CDR) cell through State Bank of India for financial restructuring of the debts of the company,” Ind-Swift Laboratories said in a filing to the BSE today.
The restructuring will be under CDR mechanism formulated by the Reserve Bank of India, the filing added.
When contacted, a company spokesperson said the company currently has term loans worth about Rs 600 crore and is seeking two to three years time for repayment under the CDR.
For the fiscal ended March 2012, the company’s consolidated net sales stood at Rs 1,427.98 crore with a profit of Rs 89.16 crore.
Contract research order
In a separate filing, the company said it has bagged the first order in contract research and manufacturing services (CRAMS) segment.
“The company has bagged its first contract research order from a leading European pharmaceutical company,” Ind-Swift Laboratories said.
For FY 2012-13, the company expects to generate revenues worth nearly Rs 10 crore from this segment, it added.
“The order is for developing a non-infringing process for an anti-diabetes molecule that is going off patent in the next three to four years,” a spokesperson of the Chandigarh-based company said.
Commenting on the development, Ind-Swift Labs head of CRAMS and R&D, Mr Rajesh Naik, said that the company has eight research and development labs in its R&D centre.
Shares of Ind-Swift Laboratories ended the day at Rs 47.05 per scrip on BSE, down 7.56 per cent from their previous close.