Maytas Infra gets breather from lenders

Maytas Infra, a company owned by Satyam’s disgraced founder B Ramlinga Raju’s family, has got some breather from lenders as they have approved the corporate debt restructuring (CDR) plan for the company.

The syndicate of 18 banks, which includes State Bank of India (SBI), ICICI Bank, Punjab National Bank, IDBI Bank and Indian Overseas Bank, has decided to give Rs 100 crore to the company under the CDR plan for its working-capital requirements and also to extend loan repayment schedule.

The company had requested for sanction of additional facilities of Rs 200 crore fund-based and Rs 400 crore non fund-based with Rs 100 crore fund-based and Rs 200 crore non fund-based to be released immediately with balance to be made available in next 3 months based on company’s performance and the same was accepted by the lenders, the company said in its filing with the BSE.

As per the terms of the CDR, the company will get ten years time to repay its outstanding debt of Rs 1,600 crore and will need to start repaying the same after three years.

The move is expected to put the company in the probable list of companies to take-up the Rs 12,100 crore metro rail project. The project was actually awarded to Maytas Infra by the Andhra Pradesh (AP) government but the company could not achieve the financial closure for the project till the set deadline of March 2009 and had asked for extra time.