Ruias-promoted Essar Steel today said it prepaid Rs 205 crore of loans taken from Axis Bank.
The company had issued secured redeemable non-convertible debentures of Rs 10 lakh each aggregating Rs 205 crore to the private sector lender.
The coupon rate on the securities had been revised to 16.5 per cent from 13.4 per cent originally.
The company has prepaid 2,050 debentures of Rs 10 lakh each held by Axis Bank, the sole holder, after taking its consent and approval, the steel maker said in a BSE filing.
Essar Steel has a capacity of 14 million tonnes per annum with presence in India, Canada, the US, West Asia and Asia.