Hyderabad, June 21:
Pokarna Engineered Stone, a wholly-owned subsidiary of Pokarna, has come out of a corporate debt restructuring (CDR), which it had to take in 2012 due to delays and adverse market conditions.
Lenders give nod
Scripting a turnaround, PESL, which manufactures natural quartz surfaces under the brand name Quantra, earlier this month secured lenders nod to come out of the CDR package after petitioning it several months ago.
Gautam Chand Jain, Chairman of Pokarna, said, The CDR exit will lead to greater operational flexibility for the organisation. This will also help swap costly rupee debt with cheaper foreign currency loans.
The CDR mechanism involves upfront payment of 17.51 crore, whi…
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