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Steel Exchange India has secured a refinancing facility of INR 350 crore from a consortium of financial institutions, including Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited, and Kotak Credit Opportunities Fund. INR 150 crore has already been used to prepay high-cost NCDs and a term loan, while the remaining INR 200 crore is set to acquire outstanding NCDs, pending approvals. The company expects the refinancing to ease interest costs, improve cash flows, and provide financial flexibility to support long-term growth. Steel Exchange India operates an integrated steel and power plant near Visakhapatnam.
Steel Exchange India has secured a refinancing facility of INR 350 crore from a consortium of leading financial institutions, including Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited, and Kotak Credit Opportunities Fund, as stated in a recent exchange filing.
The company has already received INR 150 crore from the facility, which has been applied towards prepayment of existing high-cost non-convertible debentures (NCDs) and a term loan. The remaining INR 200 crore is intended for acquiring outstanding NCDs from current holders, subject to necessary approvals. These measures are aimed at reducing the interest burden and improving overall cash flows.
Suresh Kumar Bandi, Joint Managing Director of Steel Exchange India, said the refinancing will provide flexibility to support growth and strengthen the company's ability to pursue long-term business objectives with greater confidence. He highlighted that effective financial management is key to sustaining operations in a competitive sector.
Steel Exchange India, part of the Vizag Profiles Group, operates an integrated steel plant and a power unit at Vizianagaram near Visakhapatnam. The company's ongoing efforts to manage debt and improve liquidity reflect its commitment to stable operations and strategic expansion.
Source PTI
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