Shree Rama Newsprint redeems 2nd installment of ZCDs worth Rs 14.13 cr
RAMANEWS · price
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Shree Rama Newsprint has redeemed the second annual installment of its zero coupon, secured, non-convertible debentures issued to Bank of India and Punjab National Bank. The redemption is part of a Joint Lender Forum (JLF) approved debt restructuring plan, under which ZCDs are being redeemed in three equal yearly installments starting from the 10th year of issuance. The company paid Rs 7.875 crore to Bank of India for 78,750 debentures and Rs 6.25 crore to PNB for 62,500 debentures, totalling Rs 14.125 crore.
Positive signal showing steady progress on debt restructuring plan and gradual reduction in long-term liabilities to banks.