Essar Steel prepays Rs 205 cr loans taken from Axis Bank

The company had issued secured redeemable non-convertible debentures of Rs 10 lakh each aggregating Rs 205 crore to the private sector lender.

Ruias-promoted Essar Steel today said it prepaid Rs 205 crore of loans taken from Axis Bank.

The company had issued secured redeemable non-convertible debentures of Rs 10 lakh each aggregating Rs 205 crore to the private sector lender.

Also read: UBS reiterates sell on Axis Bank, SBI, IDFC

The coupon rate on the securities had been revised to 16.5 percent from 13.4 percent originally.

The company has prepaid 2,050 debentures of Rs 10 lakh each held by Axis Bank , the sole holder, after taking its consent and approval, the steel maker said in a BSE filing.

Essar Steel has a capacity of 14 million tonnes per annum with presence in India, Canada, the US, West Asia and Asia.

Axis Bank stock price

On February 24, 2014, Axis Bank closed at Rs 1235.50, up Rs 45.75, or 3.85 percent. The 52-week high of the share was Rs 1549.00 and the 52-week low was Rs 764.00.

The company's trailing 12-month (TTM) EPS was at Rs 126.33 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.78. The latest book value of the company is Rs 705.26 per share. At current value, the price-to-book value of the company is 1.75.

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