S Kumars Nationwide Ltd (SKNL) is planning to repay its rupee debt by raising US$150m (close to Rs 700 crore at the prevailing exchange rate).
SKNL’s proposal was approved at the corporate debt restructuring (CDR) meet held here on Tuesday.
Nitin Kasliwal, managing director, SKNL, told Business Standard, “The proposal has been approved by CDR. We will be able to save up to 55-60 per cent on the interest cost of the loans. The loan will be raised in two tranches, a US$50 million loan has already been tied up and soon we will raise another US$100 million.”
The manufacturer and exporter of synthetic blended cotton and worsted fabrics has loans worth over Rs 1,120 crore towards a consortium of lenders led by Bank of India. The term lenders to SKNL are IDBI, IFCI, Union Bank of India and Bank of Baroda.
