Share Microfin Ltd has signed a master restructuring agreement with banks for a debt recast of Rs 1,900 crore.
The agreement was the final step of the Corporate Debt Restructuring package for the Hyderabad-based company which began in June 2011.
As per the agreement, Share was extended a seven-year repayment period for its loans from banks including a moratorium on repayment for one year.
“We are delighted to have signed the agreement and are thankful for the continued support of our lenders, in particular the ICICI and SIDBI," Mr Udaia Kumar, Managing Director of Share, said in a release on Thursday.
Share is one among the top five microfinance institutions (MFIs) in the country which were hit hard by Andhra Pradesh Microfinance Regulation Act put in place in October 2010.