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The company has said that the Corporate Debt Restructuring (CDR) Empowerred Group approved its CDR packaage in September, this year and the broad terms of the scheme includes restructuring the existing debt facilities by the company from the CDR Lenders including revision of interest rates, principal payment schedule and grant of centrain new facilities.
On October 31, 2014, the shareholders has approved a proposal to allot equity shares for Rs 210 lakh to the promoters, Shriram Industrial Holdings Ltd, and the company is awaiting necessary statutory approvals for completing the allotment process, it said. Of the Rs 210 crore, Rs 160 crore is in connection with the CDR scheme and Rs 50 crore will be coming as fresh infusion, said the company.
It added that a major contract awarded by a customer in Iraq was cancelled in February 2014 by the customer due to a dispute and the company has taken action in India as well as Iraq for early recovery of dues. Similarly, regarding a power project in India which came to a standstill owing to financial difficulties, the company has moved legally to secure its interest. The total exposure to these two projects is Rs 322.52 crore, which is considered fully realisable, it added.
