SAL Steel Secures Rs 75 Crore Kotak Term Loan For ICD Repayment

Board approved additional 75 Cr term loan from Kotak Mahindra Bank and renewal of 49 Cr working capital, total facilities 124 Cr, for part repayment of AIA Engineering ICD. First bank refinancing step for the large ICD overhang central to leverage stress; swaps part of unsecured ICD into secured bank debt with new-promoter corporate and promoter personal backing. Loan secured by current and movable fixed assets plus plant mortgage; rate, tenor and balance ICD repayment plan not disclosed; execution and finance-cost impact remain to be seen.