McLeod Russel signs Master Restructuring Agreement with NARCL for Rs 2,483 Cr debt
MCLEODRUSS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
McLeod Russel India has signed a Master Restructuring Agreement with NARCL (through India Debt Resolution Company) and promoter Aditya Khaitan to restructure Rs 2,483.31 Crore of total outstanding debt, split into Rs 1,050 Cr sustainable and Rs 1,433.31 Cr unsustainable. Sustainable debt to be repaid by FY2029. A Monitoring Committee will oversee implementation. Key terms include allotment of 10 percent equity shares with anti-dilution protection, pledge of promoter shares for converting promoter debt into equity, and right for NARCL to appoint a nominee director.
Debt restructuring eases Rs 2,483 Cr burden but 10 percent equity dilution and NARCL nominee director signal stress and reduced promoter control.