The Rourkela-based Shiva Cement Ltd has received in-principle approval for its debt restructuring plan from its consortium leader, IFCI Ltd. The other lenders ICICI Bank, Bank of India, Bank of Baroda, Allahabad Bank and others have already cleared it.
The company’s debt restructuring proposal was approved in December 2004. With the formal approval of the consortium leader, the debt restructuring exercise is almost complete.
"With sanction from IFCI, the company is inching towards finalisation of its debt restructuring proposal. The company would be highly benefiting from this exercise as it would reduce the debt burden increase the bottomline and the EPS of the company" the release stated.
The company also stated that it would shortly announce a fund raising programme for its capital expenditure and working capital requirement.