Visa Steel is planning to convert a large portion of its debt into equity using the Reserve Bank of India’s (RBI) strategic debt restructuring (SDR) scheme. The Lenders of the Company in its Joint Lenders Forum (JLF) meeting held on September 22, 2015 have decided to invoke Strategic Debt Restructuring (SDR) pursuant to RBI Circular dated June 08, 2015. The Company is in discussion with Lenders for preparing a conversion package to enable inviting a strategic investor in its Special Steel Business.
Visa Steel is a flagship company of the Visa Group, which has business interests in Steel, Power, Cement, International Trading and Urban Infrastructure etc. The Company is a leading player in the Special Steel, Ferro Chrome and Metallurgical Coke Business in India. The Company has a strong backing of experienced Promoters, reputed Board of Directors and qualified team of professionals. VISA Steel’s shares are traded on the BSE and NSE.