According to CNBC-TV18 reports, Hyderabad-based Ramky Infrastructure has planned to sell the land owned by arm near industrial park in Hyderabad and to divest assets worth Rs 1,081 crore.
Shares of Ramky Infrastructure shot up 20 percent intraday Wednesday after the company intended to monetise operational road assets.
According to CNBC-TV18 reports, the Hyderabad-based infrastructure company has planned to sell the land owned by arm near industrial park in Hyderabad and to divest assets worth Rs 1,081 crore.
Additionally, the company (on June 12) executed its restructuring documents with six lenders comprising State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI Bank, ICICI Bank and Axis Bank. However, other three lenders of the joint lenders forum viz Yes Bank, Kotak Mahindra Bank and Standard Chartered Bank have not participated to the restructure agreement, the company said in its filing.
According to the restructuring scheme, there is a reduction of interest rate on cash credit (CC), working capital term loan (WCTL), term loan (TL) and short term loans (STL) to 11 percent per annum from October 01, 2014 to September 30, 2016 and 11.25 percent from October 01, 2016 to September 30, 2017 and 11.50 percent from October 01, 2017 onwards.
"Interest moratorium for cash credit is 18 months and for working capital term loan, term loan & short term loans is 24 months. Lenders will be able to convert 25 percent of funded interest term loan (FITL) in to equity. There will be additional funds in the form of priority debt of Rs 250 crore and additional non fund facilities of Rs 623 crore. Upfront promoter / promoter group contribution is of Rs 53.96 crore by way of unsecured loan,"it explained further.
At 10:23 hours IST, the scrip of Ramky Infrastructure was quoting at Rs 34.75, up Rs 4.95, or 16.61 percent amid high volumes on the BSE.
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