Steel Exchange India Secures Major Refinancing Boost

Steel Exchange India announced on Friday that it has secured a significant refinancing facility amounting to Rs 350 crore from a consortium of major financial institutions.

This consortium includes prominent lenders such as Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited, and Kotak Credit Opportunities Fund, as disclosed in an exchange filing.

Of the total amount, Rs 150 crore has already been disbursed, enabling the prepayment of existing high-cost non-convertible debentures and a term loan. The remaining Rs 200 crore is set to be distributed for acquiring outstanding NCDs pending necessary approvals. According to Suresh Kumar Bandi, the company's Joint Managing Director, these refinancing efforts are designed to alleviate interest burdens, enhance cash flows, and provide the flexibility needed to support the company's growth strategies.

(With inputs from agencies.)