Aluminium maker Hindalco today said it is not going for refinancing under a Reserve Bank scheme even as market speculation was rife that it is looking to refinance loans up to Rs 8,000 crore.
In a BSE filing, the firm said: “There is no truth in the …report that the company is doing refinancing under the 5/25 scheme of RBI.”
The firm, however did not clarify on reports that it is talking to banks and financial institutions to refinance loans of up to Rs 7,000-8,000 crore.
According to sources, the company is talking to “financial institutions” to refinance loans in the range of Rs 7,000-8,000 crore.
When contacted, a Hindalco spokesperson declined to comment citing the company’s silent period before its earning announcement.
Under the 5/25 scheme, banks can extend loan repayment for a period up to 25 years, with an option of refinancing the loan every five years.
Hindalco shares fell by 1.60 per cent to settle at Rs 104.70 apiece on the BSE.