The Shapoorji Pallonji Group's debt recast plan has been cleared by the Kamath Committee today, i.e. March 31, 2021, according to sources in the know.
The lenders will recast Rs 10,900 crore of the group’s total debt of Rs 22,183 crore. CNBC-TV18 has further learnt that the group's loan repayment will be deferred until March 2022 and converted into a term loan.
It is noteworthy that the one-time restructuring plan does not include any concession in the rate of interest.
People in the know have also indicated that the SP Group will sell its stake in Eureka Forbes, Afcons Infra and Sterling and Wilson Solar to retire some of the debt on its books. The stake sale is expected to fetch Rs 10,334 crore over the year.
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