With debt of Rs 3,850 cr, Patel Engineering debt recast plan gets RBI panel nod
Patel Engineering on Monday said the Overseeing Committee (OC) has approved the company?s debt recast plan under the Reserve Bank of India?s (RBI) scheme for sustainable structuring of stressed assets (S4A). In FY17, the company reported a net profit of Rs 41.8 crore on the back of Rs 2,925.55 crore in revenues. In the June quarter of FY18, it posted a net loss of Rs 4.72 crore on revenues of Rs 556.37 crore. Its total debt stood at Rs 3,850 crore in FY17, according to Bloomberg data. The company said in a regulatory filing that its sustainable debt (Part A) amounts to Rs 1,724 crore and unsustainable debt (Part B) amounts to Rs 1,239.48 crore. ?The non-fund based (NFB) debt shall be Rs 3,855 crore (including additional non-fund based limits proposed under the scheme,? the filing said.
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