SBI writes to RBI, seeks relaxation on shipping loans

Jan 17, 2014, 04.18 PM IST

Banks are refusing to release sanctioned funds to the company as the company still has to meet certain requirements on collateral under the corporate debt restructuring (CDR) program.

Tags  State Bank of India, Reserve Bank of India, shipping, Bharati Shipyard

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SBI writes to RBI, seeks relaxation on shipping loans

Banks are refusing to release sanctioned funds to the company as the company still has to meet certain requirements on collateral under the corporate debt restructuring (CDR) program.

Like this story, share it with millions of investors on M3

SBI writes to RBI, seeks relaxation on shipping loans

Banks are refusing to release sanctioned funds to the company as the company still has to meet certain requirements on collateral under the corporate debt restructuring (CDR) program.

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The  State Bank of India has written to the Reserve Bank of India, seeking relaxation while accounting for loans made to the shipping sector. This comes on the heels of a similar presentation made by  Bharati Shipyard to the RBI.

The shipping company has requested for the repayment period to be extended to 15 years from 10 years, and has sought a pause on interest payment for two more years.

Loans made to the company are most likely to end up as non-performing loans by March end. Banks are refusing to release sanctioned funds to the company as the company still has to meet certain requirements on collateral under the corporate debt restructuring (CDR) program. Banks had sanctioned Rs 300 crore to Bharati under a CDR package. Bank of India has already classified its loans to Bharati as NPA.

Also Read: Won't be much impacted by RBI forex norms, says BoB's Dhawan

BharatiShipyard stock price

On January 17, 2014, Bharati Shipyard closed at Rs 27.45, down Rs 1.4, or 4.85 percent. The 52-week high of the share was Rs 67.20 and the 52-week low was Rs 20.50.

The latest book value of the company is Rs 111.19 per share. At current value, the price-to-book value of the company was 0.25.

Action in Bharati Shipyard

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