A consortium of lenders led by Bank of India and State Bank of India (SBI) is considering strategic debt restructuring (SDR) of liquor major Tilaknagar Industries. According to sources, the decision was taken at a high-level meeting of lenders in the city last week. Besides Bank of India and SBI, Punjab National Bank, IDBI and Axis Bank have exposure to Tilaknagar, whose debt is close to Rs 800 crore. Bank of India alone is estimated to have an exposure of Rs 200 crore in Tilaknagar, the highest among lenders.
At the meeting, the banks also discussed other restructuring options, but eventually settled for SDR, which will allow them to pick up a minimum of 51 per cent stake in the company, officials pri…
Read the full article at: http://www.business-standard.com/article/companies/lenders-mull-strategic-debt-restructuring-of-tilaknagar-116020100023_1.html