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The CDR system of restructuring corporate debt was introduced in 2001 as an institutional mechanism for restructuring corporate debt. Any loan exposure of Rs10 crore and more and involving at least two lenders could have been tackled on this platform.
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Anil Ambani led Reliance Infrastructure has increased its shareholding in Reliance Defence to nearly 31 percent.
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Wind turbine maker Suzlon Energy plans to add to 1,500 megawatt of power capacity. Out of this 1,500 megawatt, 500 megawatt will be wind and solar, the hybrid solution.
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The company is going to pay recompense amount to consortium banks led by United Bank to exit CDR.
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K Ravi, Managing Director, NCL Industries says cement prices are very encouraging and the company plans to expand its cement business.
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Cement demand and prices, which have seen an uptick, will sustain at current levels in coming quarters, says Bina Engineer, Director of Sanghi Industries.
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"Sanghi has successfully exited from corporate debt restructuring mechanism after making repayment of all dues to CDR lenders ahead of schedule," says the Telengana-based clinker and cement manufacturer in its filing on April 1.
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Earlier on Friday, sources had informed that the Privinvest deal could fall apart as ABG's auditor, Nisar and Kumar Chartered Accountant, raised red-flags on the company.
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The finance ministry and the Reserve Bank of India are unhappy with public sector banks for not dealing with 'bad promoters' and have asked them to use corporate debt restructuring (CDR), strategic debt restructuring (SDR) and sell 'bad' promoters' assets to bring them to task
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Unity Infra board, on Thursday, has approved allotment of 39 lakh shares to CDR investors at a price of Rs 27.5 per share.
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The open offer was made by Reliance Infrastructure and its wholly-owned subsidiary, Reliance Defence Systems Pvt Ltd. Now, their holding in Pipavav has increased to nearly 35 percent. The company did not disclose specific details about the open offer, citing regulatory obligations.
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Shares of IVRCL gained 20 percent intraday Monday as a media report indicated that the company may consider demerger of property development and EPC business.
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"Corporate Debt Restructuring Empowered Group (CDR EG), on November 23, has approved the invocation of strategic debt restructuring (SDR) in the company by CDR Lenders, pursuant to RBI Circular dated June 8," the company said in its filing.
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Strategic debt conversion option will give lenders the right to convert their outstanding loans into a majority equity stake if the borrower fails to meet conditions stipulated under the restructuring package and take control of the company operations.
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3i Infotech has allotted 1,69,70,618 equity shares at a conversion price of Rs 19.74 on a preferential basis to DBS Bank.
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In an interview with CNBC-TV18, MD K Ravi discussed the company's state of business and the outlook going forward.
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CNBC-TV18 has learnt from sources that the cash-strapped shipbuilder may be taken over by its lenders if it fails to bring in a strategic investor soon.
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Other than government projects, most stalled projects in the private sector were in power, roads and steel, says IDBI Bank executive director RK Bansal. While the situation has improved as far as power and road sectors are concerned, steel continues to remain a concern.
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Shares of Lanco Infratech rallied 16 percent after the board members approved allotment of preference shares to ICICI Bank under corporate debt restructuring (CDR) package.
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Vijay Kumar, chief financial officer, Ramky Infra says the company will have to monetize assets worth Rs 1,000 crore in the next three years.
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ABG Shipyard today said it's in talks with Privinvest Holding, a major player in global naval, commercial vessels and super yacht industry, for a strategic stake sale.
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In an interview to CNBC-TV18, Rajesh Shah, co-chairman & managing director, Mukund says the panel has approved the company‘s exit from corporate debt restructuring plan.
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The Reserve Bank today extended the time-frame to spread over the shortfall arising out of sale of bad assets to securitisation companies/asset reconstruction companies at a price below the net book value, to March 2016.
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Shares of Shriram EPC soared 19 percent intraday Monday on equity infusion. The board has approved conversion of funded interest term loan to the tune of Rs 313 crore of the corporate debt restructuring (CDR) lenders into equity shares of the company.
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The much-delayed corporate debt restructuring (CDR) for the debt-laden Pipavav Defence and offshore engineering has finally got the lenders' approval reports CNBC-TV18‘s Ritu Singh.
