Kuantum Papers prepays 30% of restructured term loans in current year

12 Dec 2022 , 10:57 AM

Kuantum Papers announced that in view of better than envisaged business operations and healthy cash flows, the company has prepaid the entire FITL of Rs. 36 crore in September 2022 which was otherwise repayable up to FY 2029-30. The company has also undertaken consolidation of banking operations and has refinanced 3 of its lenders by another Bank. It has further prepaid an amount Rs. 105 crore of the restructured term loans in the 1st week of December 2022. This is in addition to the regular payments due in September 2022 after the moratorium period ended. The total repayment made in the current year constitutes 30% of the restructured term debt in terms of the provisions of RBI circular of 6 August 2020, of the Banks implementing the resolution plan and accordingly the company has requested the lenders for classification of account as Standard from the current classification of Standard-Restructured. Powered by Capital Market – Live News