PSL has received approval from CDR Empowered Group on September 23, 2013 for final restructuring proposal submitted to the CDR Cell. The aforesaid restructuring package approved by the CDR Bankers led by ICICI Bank being the Monitor Institution not only envisages the restructuring of all the term loans and repayments of working capital facilities but also provides for reduction in the interest on all the Loans. Further amongst important detailed terms and conditions, the package having a cut-off date of January 1, 2013 also enables conversion of Rs. 154.69 crore being a part of Company's debt into equity capital, apart from providing for additional contribution aggregating to Rs, 131.07 crore from Promoters Group as equity of the Company.
For the aforesaid package which was duly approved by a Committee of Board in its meeting held on October 22, 2013, the CDR documentation including Master Restructuring Agreement is now under execution.
PSL is India’s largest producer / manufacturer of HSAW pipes, the line-pipe industry's preferred pipe, with production capacity in excess of the 1 MT mark
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|---|---|
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