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Oriental Bank of Commerce-led banking consortium to acquire about 30% of Shriram EPC

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Oriental Bank of Commerce-led banking consortium to acquire about 30% of Shriram EPC

A consortium of banks led by plans toconvert a loan to Shriram Group engineering unit Shriram EPC of around 12 billionIndian rupees into equity shares, acquiring about 30% in the unit as a part ofa debt-to-equity swap deal, The Times ofIndia reported Sept. 26.

The 14-lender consortium, including , , and , agreed to theproposed equity conversion, which is expected to be completed in the next fewweeks.

The group aims to cut debt and stimulate the growthpotential of its nonfinancial services businesses.

The deal with the banks will help Shriram EPC to reduce itsoutstanding loans to 6 billion rupees, freeing the company to aggressively buildits order book in the next 24 months, the news outlet said.

Meanwhile, Shriram Group entity Orient Green Power isworking to convert 10 billion rupees of loans to soften its interest burden andspread the repayment over a longer period.

As of Sept. 26, US$1was equivalent to 66.59 Indian rupees.