Categories: Business Hour

Visa Steel up 20%, to invoke strategic debt restructuring

Shares of Visa Steel climbed nearly 20 percent intraday Wednesday after the company’s decision to invoke strategic debt restructuring.

“Lenders of the company in its Joint Lenders Forum (JLF) meeting, on September 22, have decided to invoke strategic debt restructuring (SDR),” says the Kolkata-based mineral and metals company.

According to RBI circular dated June 8, 2015, invoke SDR means conversion of whole or part of the loan and interest outstanding into equity shares in the borrower company, so as to acquire majority shareholding in the company by JLF members. “Post the conversion, all lenders under the JLF must collectively hold 51% or more of the equity shares issued by the company,” says RBI.

Visa Steel says it is in discussion with lenders for preparing a conversion package to enable inviting a strategic investor in its special steel business. At 09:33 hours IST, the scrip of Visa Steel was quoting at Rs 16.95, up Rs 2.51, or 17.38 percent on the BSE.

Recent Posts

Why BlueNeba Technologies is the Best Choice for Solar Power in India

Harness the Power of the Sun with BlueNeba Technologies Solar energy is transforming the way…

11 hours ago

Pavitra Pradip Walvekar: Unlock the Magic of Discipline in Your Entrepreneurial Journey

When it comes to entrepreneurial success, we tend to talk about ideas, passion, roads not…

6 days ago

Pune Rape Case: Police Use Drones and Dog Squad to Capture Accused Hiding in Sugarcane Field

In a dramatic operation, Pune police deployed drones, a dog squad, and over 100 personnel…

2 weeks ago

The Sacred and the Sacrilegious: Has the Tirupati Laddu Become a Symbol of Corruption?

The recent arrests by the CBI's Special Investigation Team (SIT) in the Tirupati laddoo case, including…

4 weeks ago

Padma Award 2025: Who Made the Cut This Year?

The Padma Awards 2025 have been officially announced, recognizing the remarkable contributions of individuals across…

1 month ago

India’s Extradition Challenge: 5 Fugitives from Terrorism and Financial Fraud

India is currently engaged in a determined effort to extradite several high-profile fugitives who have…

1 month ago