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Hindustan Construction Company’s board approved the restructuring of company’s debt as per the package approved by the CDR Empowered Group on June 25. Nearly 27 banks have exposure of about Rs 8,153 crore in HCC.
At the company Annual General Meeting recently, Mr Ajit Gujabchand, Chairman and Managing Director, told shareholders that the company had received the approval of 27 banks for debt recast.
Sources said the lenders were willing to provide additional working capital and non-fund based limit totalling Rs 1,500 crore to the company.
There are reports that the company had offered to sell its land holdings in Mumbai and Pune and also go in for a stake sale in its hill city project Lavasa.
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