Prakash Industries was in discussion with Rural Electrification Corporation (REC) for restructuring of its term loan, which has now been restructured. With this, the total rupee liability repayment has been aligned with the projected operational cash flow of the company.
Last week, the company had reduced its debt by around Rs 67 crore on account of conversion of Foreign Currency Convertible Bonds (FCCB). The company had issued $17.85 million FCCB in September 2015, out of which, $9.90 million bonds have since been converted.
Prakash Industries is an integrated steel and power company. Its products include coal mines, iron ore mines, sponge iron, power, steel melting shop and ferro alloys.
