Debt Recast

CMD Khaitan says banks have been very supportive and have come to a conclusion on what debt restructuring resolution should be

RBL Bank on Wednesday said it has offloaded over 12 per cent stake in Kilburn Engineering since May for a total consideration of over Rs 17 crore. The private sector lender had acquired 67,50,000 equity shares of Kilburn Engineering (Kilburn) under a debt recast plan. This represented 19.67 per cent share capital of the company, as part of conversion of loans outstanding under debt restructuring plan by RBL Bank in February 2021, and subject to lock-in for one year. "We now wish to inform...the bank has further sold 22,00,000 equity shares representing 6.41 per cent of the paid-up share capital of Kilburn Engineering," RBL Bank said in a regulatory filing. RBL Bank said the sale transactions happened through stock exchanges at prevailing market price during May 17 to August 17, 2022. On August 12, it had sold 7,07,468 shares (2.06 per cent stake) and offloaded 12,42,532 shares (3.62 per cent) on August 11. RBL Bank said the sale percentage crossed 2 per cent on August 11; 4 per ce

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The states' inflated debt sale schedule alludes to that possibility. They are scheduled to borrow as much as Rs 1.78 trillion ($25 billion) from the market in the April-June quarter

Those who had availed themselves of the recast earlier should get a second chance, the Finance Industry Development Council said in a letter to the RBI

In letter to RBI, requests this be done irrespective of whether such accounts have been restructured on earlier occasions

Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat

Interest accrued between March 1, 2020, and September 30, 2020, will be converted into Funded Interest Term Loan, payable by December 2021

Total group borrowings amount to over Rs 25,000 cr, flagship alone has Rs 23,500 cr of debt

Sales of residential units reached pre-Covid levels, the Delhi Police has registered 22 FIRs so far in connection with the violence during tractor rally

In a Q&A, the company's chairman says the firm had to freeze interest payment and redemption of NCDs due to the pandemic and related regulatory approach

Disincentives, borrowing behaviour change, business recovery have kept references for restructuring low, ICRA said

Have sought intervention of Ministry of Civil Aviation for fresh credit lines

According to SBI EcoWatch, only 15-20 per cent of firms may request for a debt rejig

While BoB has displaced PNB in terms of loan book size, sustaining Q2 momentum is critical

This is despite the fact that two-thirds of Crisil-rated entities are eligible for restructuring, based on Kamath Committee parameters

The company's promoter Venugopal Dhoot said their application is currently pending with the Committee of Creditors, which will soon vote on their proposal

Critics may say it's postponing the inevitable, but considering the pros and cons, this is par for the course and the best part of Atmanirbhar Bharat 3.0 package

The initiative came into effect in April was initially agreed till end of 2020