Jenson & Nicholson (India) Ltd is close to finalising a debt restructuring scheme in consultation with SBI Capital Markets Ltd.
The merchant banker, selected by the Appellate Authority of Industrial & Financial Reconstruction (AAIFR), is also undertaking a valuation of the assets of the company now owned by the Vermas.
Meanwhile, stressed assets reconstruction company Arcil is in talks with the bankers to acquire the whole of J&N?s Rs 350 crore loan in its books and is meeting the bankers on October 8 to finalise the deal, J&N corporate affairs head KP Shrivastava told FE.
Arcil has already acquired 42% of the loans from institutions like IDBI, SBI, BoI and UBI, and is meeting the remaining bankers like Allahabad Bank, Canara Bank and Axis Bank for the complete acquisition of debt, Shrivastava said.
?Arcil has taken the initiative to meet the bankers on October 8 to convince them to transfer the debt. The bankers are also in talks with SBI Caps to finalise the restructuring scheme. After their consent is received, the proposal will be sent to the AAIFR for its final approval,? he said.