Steel Exchange India gets Rs 350 cr refinancing facility from consortium of lenders

New Delhi, Oct 3 (PTI) Steel Exchange India on Friday said it has secured a Rs 350 crore refinancing facility from a consortium of financial institutions.

The clutch of investors includes Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited and Kotak Credit Opportunities Fund, Steel Exchange India said in an exchange filing.

The company said it has secured Rs 350 crore of refinancing facilities from a consortium of leading financial institutions.

Of this, Rs 150 crore has already been disbursed and applied towards prepayment of existing high-cost non-convertible debentures (NCDs) and term loan; the balance Rs 200 crore will be disbursed to acquire outstanding NCDs from existing holders, subject to requisite approvals.

The company's Joint Managing Director Suresh Kumar Bandi said, "The sanctioned refinance facilities...will ease our interest burden, improve cash flows, and provide us the flexibility to support growth. This financial management positions us well to pursue our long-term business objectives with greater confidence".

Part of the Vizag Profiles Group, Steel Exchange India operates an integrated steel plant and power unit at Vizianagaram near Visakhapatnam. PTI ABI ABI BAL BAL BAL