Lenders to Binani Cement are planning to convert a total debt of Rs 3,000 crore in the company to equity. This conversion of debt is being contemplated under the strategic debt restructuring (SDR) guidelines of RBI. The consortium of 18 banks led by the Central Bank of India is monitoring the conversion, giving lenders a majority stake. The lenders are also planning to involve professional management to revive the company.
Contact: Binani Cement. Tel: 022-2269 0506.