IDBI SANCTIONS Rs850-CR DEAL FOR ESSAR OIL
Article Abstract:
The Industrial Development Bank of India (IDBI) has sanctioned a financial package of Rs850 crore to Essar Oil Ltd. The Industrial Development Bank of India, ICICI and the Industrial Finance Corporation of India have agreed to help Essar Oil Ltd face the cost overrun and disrupted payments. The financial institutions have large exposure in the Rs6,455 crore, 10.5 million tonnes per annum refinery of Essar Oil Ltd at Jamnagar in Gujarat. The Industrial Development Bank of India plans to offer new loans of Rs221 crore and reschedule the repayment of loans of Rs625 crore. Essar Oil Ltd has not received the letter of intent as yet. The fresh loans of Rs221 crore will be through private placement of non-convertible debentures of Rs26 crore carrying 17.5 percent interest with the Industrial Development Bank of India, a rupee term loan of Rs71 crore at 17.5 percent interest and funding interest of Rs124 crore on all existing and proposed loans/NCDs at 17.5 percent interest. (rk) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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IDBI CLEARS Rs1,500-CR LOAN TO NTPC
Article Abstract:
The Industrial Development Bank of India (IDBI) has cleared a Rs1500 crore loan to the National Thermal Power Corporation (NTPC). This forms a part of the Rs11,000 crore debt that NTPC wants to mobilise to finance six new power projects, with a cumulative capacity of 51,000 mw costing Rs15,570 crore. Out of the total debt NTPC wants to mobilise about Rs6918 crore between 1998-99 and 2001-02. Other financial institutions like IFCI and ICICI are also said to have given in-principle approval for the debt. Sources say that a coupon of 14.5 percent exclusive of interest tax has been fixed for the debt and the loan will have to be repaid in 28 quarterly installments after the last disbursement. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RANBAXY SEEKING IDBI LOAN TO PAY BACK $40 M
Article Abstract:
Ranbaxy Laboratories Limited has sought a short term loan of Rs200 crore from the Industrial Development Bank of India (IDBI) to pay back a $40 million external commercial borrowing (ECB) in October 1998. Around Rs165-170 crore will be utilised to repay the loan and the remaining will be used to meet other routine requirements of the company. In 1997, Ranbaxy had borrowed Rs100 crore from IDBI to meet its working capital and capital expenditure requirements and this loan will come for redemption in September 1998. (gsh)
Comment:
Ranbaxy Laboratories is seeking short term loan of Rs200 crore from co to pay back $40 mil external commercial borrowing
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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