Others

Other Deals

Lenders transfer Rs.1,104-Cr McLeod Russel debt to NARCL for Rs.700-Cr

Mint  

A consortium of lenders to bulk tea producer McLeod Russel India Ltd (MRIL) has transferred its debt exposure of INR 1,104.69 crore to the National Asset Reconstruction Company Ltd (NARCL) for INR 700 crore, representing a 36% haircut.The debt has been sold under a 15:85 cash-to-security receipts (SR) structure, with 15% of the consideration to be paid upfront and the rest through SRs over the next five years.The INR 700 crore debt deal is seen as significantly lower than a previously attempted one-time settlement (OTS) of INR 1,030 crore backed by Carbon Resources, which lapsed due to a lack of consensus among lenders.