 "debt restructuring, Banks, lending, lenders, RBI,")
Lenders led by State Bank of India to ailing Jain Irrigation Systems Ltd (JISL) have completed restructuring of debt worth Rs 3,878 crore. The debt recast covered aspect like converting about 40 per cent of the total debt into long term non-convertible debentures at an interest rate of 0.01 per cent.
On completion of this debt restructuring, normalcy has been restored to the accounts and all past irregularities and defaults stand cured, JISL informed the BSE.
The restructuring proposal was approved in the Joint Lenders Meeting on March 29, 2022 after fulfilling all conditions. The Master Restructuring Agreement (MRA) was
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