STEELXIND secures ₹350 crore refinancing, reducing interest rates by 5.50% and extending tenure
The refinancing significantly reduces the company's borrowing costs, improves its capital structure, and extends repayment tenure, leading to substantial financial savings and enhanced liquidity, which is a high impact event for the company's financial health and shareholder value.
The company secured a ₹350 crore refinance facility at an interest rate reduction of approximately 5.50% (from 18.75% to an implied 13.25%) and extended repayment tenure to 5 years, resulting in substantial savings in finance costs and lower cash outflow, which is highly beneficial.
* Steel Exchange India Limited has successfully secured sanctions for a ₹350 crore refinance facility from Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited, and Kotak Credit Opportunities Fund. * This facility is intended to prepay or takeover existing Non-Convertible Debentures (NCDs) and Term loans totaling ₹340 crore from previous lenders including Neo Asset Management Private Limited and True North Credit Opportunities Fund. * Key highlights of the revised banking arrangement include: * Lower Interest Rate: An approximate 5.50% reduction in interest rate compared to the previous borrowing cost of 18.75% per annum, leading to substantial savings in finance costs. * Improved Terms: Extended repayment tenure of 5 years from the date of sanction, up to September 2030. * Expected lower cash outflow of approximately ₹130 crore till FY 2028 due to the reduced interest rates and longer repayment tenure. * This refinancing initiative aims to optimize the company’s capital structure, reduce borrowing costs, improve liquidity, and enhance shareholder value. * Out of the total sanctioned ₹350 crore, ₹150 crore has already been disbursed on 30 September 2025, used to partly prepay existing high-cost debt. * The remaining ₹200 crore is expected to be disbursed on or before 10 October 2025 to acquire NCDs from existing holders, subject to approvals and formalities.
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STEEL EXCHANGE INDIA LIMITED filed this with the NSE as a statutory disclosure, categorised under corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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