Ankit Metal and Power has approved a debt recast package with the promoters deciding to infuse upfront equity to the tune of Rs 30-35 crore.
Currently we are paying close to 14 percent interest cost and it should come down to about 11 percent.
Ankit Patni
Managing Director
Ankit Metal & Power
Ankit Metal and Power has approved a debt recast package with the promoters deciding to infuse upfront equity to the tune of Rs 30-35 crore.
The company has total debt of about Rs 1,000 crore, managing director Ankit Patni told CNBC-TV18's Reema Tendulkar and Nigel D'Souza in an interview.
The stock was up about 2 percent in Mumbai trading today.
Also read: Ankit Metal standalone Mar '14 sales at Rs 422.74 crore
Below is the transcript of the interview with CNBC-TV18.
Reema: Can you walk us through the corporate debt restructuring schemes (CDR). What is the total debt on the books and what the timeline is?
A: The total debt on the books is close to Rs 1,000 crore. I cannot comment on the timeline as of now because that is something that we are not supposed to talk until the restructuring is through.
Nigel: What is the commitment from the promoters to this entire CDR structure?
A: A part of the bank's sacrifice will be the commitment of the promoters. I cannot recall the number again but it is close to Rs 30 crore-35 crore.
Reema: The promoters have to infuse Rs 30 crore-35 crore?
A: That's right.
Reema: How soon and by what method will you be infusing that?
A: That will be an equity infusion. It is supposed to be brought in upfront.
Nigel: What are your interest costs looking like currently and what will they come down. If you can give us a percentage of what is the interest rate you are paying currently and post this entire restructuring what will it come down to?
A: Currently we are paying close to 14 percent and it should come down to about 11 percent.
Ankit Metal stock price
On July 28, 2014, Ankit Metal and Power closed at Rs 7.99, up Rs 0.16, or 2.04 percent. The 52-week high of the share was Rs 14.95 and the 52-week low was Rs 6.40.
The latest book value of the company is Rs 36.81 per share. At current value, the price-to-book value of the company was 0.22.
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