Shares of Bhushan Steel today surged 20 per cent up to its daily upper limit after the indebted received nod from lenders for restructuring loans of about Rs 30,000 crore loans under a scheme of Reserve Bank of India.
At 1:20 pm, Bhushan steel gained 20 per cent on BSE. On NSE, it gained 19.96 per cent.
The Joint Lenders Forum (JLF) has agreed to extend the loans of BSL for a tenure of 25 years under the RBI’s scheme for long-term structuring of loans in line with cash flows.
“About 70 per cent of the lenders have approved the scheme and by the end of this month it should get closed”, Bhushan Steel Chief Finance Officer (CFO) Nittin Johari told PTI.
Johari said, “The sanction from few banks are awaited and as soon as the nod is given the plan will begin.”
“We have a four-year moratorium on principal repayment. After this, there will be a 21-year repayment period, with a provision to refinance every five years,” he added.
