Hyderabad based-Ramky Infrastructure is in active discussions with investors and buyers to sell four of its road assets, including Ramky Eslamex, Sehore Kosmi Tollways, Hyderabad Outer Ring Road and NAM Expressway, a senior company official told Fe on Monday. Ramky expects to earn around Rs 1,000 crore from the sale.

In addition, it is looking to sell a 1,200-acre land parcel on the outskirts of Hyderabad. Asset monetisations forms part of the conditions for restructuring Ramky’s debt under Joint Lenders Forum (JLF).In December, Fe had reported that as part of the Corrective Action Plan (CAP) submitted by Ramky to SBI, the company plans to sell 3-4 road assets and a land parcel, which would help it raise around Rs 1,400 crore.

“We are in active discussions with several buyers to sell these assets, and are hopeful of closing some transactions within this financial year itself,” the official said. He added that Piramal Group had shown interest in picking up some assets, but talks had gone cold as of now. “We are having parallel discussions with other interested buyers as well,” the official said.

The company on Monday informed BSE that it has executed the restructuring documents with regards to the restructuring scheme approved under JLF in March.

Six lenders — State Bank of India, State Bank of Hyderababd, Punjab National Bank, IDBI Bank, ICICI Bank and Axis Bank — participated in the restructuring, a BSE filing said. However, the other three lenders of the JLF — Yes Bank, Kotak Mahindra and Standard Chartered Bank — were not party to the restructuring, it said.

Ramky’s debt restructuring package is pegged at Rs 2,700 crore, including additional fund and non-fund based loans. Ramky currently has around Rs 1,417 crore in fund-based limits from the bank and Rs 1,367 crore in non-fund base limits.

The compasny earlier informed the stock exchanges that as part of the restructuring scheme envisaged, the interest rate on cash credit, working capital term loan and short term loans have been reduced, with a schedule drawn for revised interest payment. The interest moratorium for cash credit is 18 months and for working capital and short-term loans 24 months.

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