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| Exchange Disseminated Time | Bajaj Hindusthan Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 25, 2014, has approved and accepted the Final Report on Debt Restructuring of the Company. Salient features of the Restructuring Scheme include restructuring of working capital loans of Rs. 3667.75 crore and term loans of Rs. 2864.79 crore. The Scheme envisages extended repayment tenure of 10 years including moratorium period of 2 years from Cut-off Date (July 31, 2014) and funding of interest for a period of 2 years from Cut-off Date. 70% of the Funding for interest on restructured loans is proposed to be converted into equity shares at a price determined by SEBI guidelines and balance 30% shall be repaid over 5 years starting from quarter ending September 30, 2016. The Restructuring Scheme, inter-alia, also envisages providing personal / corporate guarantee, providing collateral security and infusion of Rs. 200 crore in a phased manner, from the Promoter / Promoter Group.
The Restructuring Scheme will be effective upon approval from Lenders, as prescribed under the relevant Reserve Bank of India Guidelines for Restructuring of Debts under the JLF route. |
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