Ramky Infrastructure Ltd has submitted a plan to its lenders’ consortium for restructure of its corporate debt at the holding company level.

The Hyderabad-based company has initiated the move as a part of a corrective action plan (CAP) suggested by the joint lenders forum (JLF).

It has submitted an application to State Bank of India, the lead member in the consortium of nine bankers.

“This move has been initiated as per the suggestions of the JLF, which who had advised the company for restructuring its loans,” M Gautham Reddy, Executive Director, Ramky infrastructure, told BusinessLine.

This is different for the corporate debt restructure (CDR) process that goes through a specialised cell of the Reserve Bank of India, he said. The holding company has a debt of about ₹1,400 crore and is seeking some flexibility in terms of payments.

“Liquidity is one of the major concerns due to slowdown and this has caused considerable pressure on the company business and finances. By opting for JLF-driven restructure, we expect things to quickly turn around,” he said.

This is aimed at arriving at an early and feasible solution for preserving the economic value of the underlying assets as well as the lenders’ loans.

The JLF is expected to finalise the restructuring package.

The company performance had been impacted during the last fiscal.

In the first half of this fiscal, a slow pace of project implementation and high interest rates are eating into its overall margin.

Ramky Infra shares closed at ₹49.80, down one per cent on BSE on Monday.

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