Lenders advise Ramky to go for debt restructuring

Ramky Infrastructure today said the lenders of the company have suggested it go for debt restructuring.
"The Joint Lenders Forum (JLF) of consortium banks in order to arrive at an early and feasible solution and preserve the economic value of the underlying assets as well as the lenders' loans has advised the company for restructuring under JLF as the Corrective Action Plan (CAP)," Ramky said in a filing with BSE.
"The company has submitted CAP to State Bank of India, the lead member of the consortium banks," the filing said, adding that the JLF will finalise the restructuring package.
The company had a total income of Rs 1,778.03 crore for 2013-14 and suffered a loss of Rs 432.11 crore in the last financial year.

For the latest quarter that ended on September 30, 2014, the company reported a total income of Rs 227.07 crore and a loss of Rs 142.35 crore on standalone basis.
Shares of the company closed nearly 1 per cent down at Rs 49.80 apiece on the BSE.