Share Microfin gets R1,900-crore recast deal

Written by fe Bureau | Hyderabad | Updated: Sep 30 2011, 05:43am hrs
Share Microfin has signed a master restructuring agreement with banks which is the final step of the companys corporate debt restructuring package. The package has been signed with 31 banks, led by Sidbi and ICICI. Under the terms of the agreement, all 31 of lenders have agreed to restructure over R1,900 crore for a period of seven years, including providing a one-year moratorium on repayment.

Said Udaia Kumar, MD, Share Microfin, Shares total debt stands at R1,900 crore, of which R1,200 crore has been restructured and the remaining R700 crore is held by lenders in the form of preferential shares with conversion rights.