Steel Exchange India, a leading integrated steel manufacturer in South India, has refinanced its existing debt at a lower rate.

The company has secured sanctions of ₹350 crore of refinancing facilities from a consortium of leading financial institutions including Kotak Mahindra Investments, Oxyzo Financial Services and Kotak Credit Opportunities Fund.

Of this, ₹150 crore has already been disbursed and used to prepay existing high-cost NCDs and term loans. The balance ₹200 crore to be disbursed on or October 10 to acquire outstanding non-convertible debentures from existing holders, subject to requisite approvals.

With the fresh refinancing facilities, the company pre-paid term loan of ₹25 crore, pre-redemption of secured unlisted NCDs of ₹84 crore and partial redemption of secured liste

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