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Essar Steel prepays loan of Rs 205 crore taken from Axis Bank

11 Mar 2014 Evaluate

Essar Steel has prepaid Rs 205 crore of loans taken from Axis Bank. The company has prepaid the same by issuing secured redeemable non-convertible debentures (NCDs) 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.

Essar Steel has a capacity of 14 million tonnes per annum with presence in India, Canada, the US, West Asia and Asia.

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