Sobha Developers, the Bangalore-based real estate developer, is in the process of restructuring 45 per cent of its debt burden. The company has about Rs 1,900 crore of debt on its balance sheet.
The company, which has a land bank of 3,000 acres primarily in south India, is in discussions with around 12 banks and financial institutions to restructure around Rs 850 crore of debt.
Company officials detail that these debts are all on projects that are either underway or nearing completion or against inventory backlog. The average rate of interest is around 13.72 per cent.
More : business-standard.com
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