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Kolkata-based Electrosteel Steels Ltd has entered a pact with an SBI-led consortium of 27 bankers for restructuring of its Rs 6,800-crore long-term debt. A company release said that under the corporate debt restructuring (CDR) programme, the existing debt will be repaid over a 10-year period. The package offers 31 months’ moratorium on repayment of principal long-term debt and 24 months’ moratorium on interest payments.
In addition, Electrosteel will get a fresh term loan of around Rs 1,100 crore to complete the balance production facilities and nearly Rs 200 crore working capital refinance.
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