Master Restructuring Agreement signed with NARCL to restructure Rs. 2,483.31 Crore debt
Company has signed a Master Restructuring Agreement with NARCL (through India Debt Resolution Company) and promoter Mr. Aditya Khaitan.
- Total Outstanding Debt
- Rs. 2,483.31 Crore
- Sustainable Debt
- Rs. 1,050 Crore
- Unsustainable Debt
- Rs. 1,433.31 Crore
- Equity Allotment
- 10% equity shares with anti-dilution protection
- Repayment Timeline
- Sustainable Debt to be repaid by financial year ended 2029
What was signed
The Company has entered into a Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL), acting through India Debt Resolution Company Limited, and with Mr. Aditya Khaitan, a promoter of the Company. The stated purpose is restructuring of the outstanding debt in accordance with the terms of the MRA.
Size of the arrangement
- Total outstanding debt: Rs. 2,483.31 Crore
- Sustainable Debt: 1,050 Crore
- Unsustainable debt: 1,433.31 Crore
Key terms disclosed
- Repayment of Sustainable Debt by the financial year ended 2029.
- Constitution of a Monitoring Committee with representatives of the lender and the Company to oversee implementation of the restructuring.
- Allotment of 10% equity shares in the Company with anti-dilution protection.
- Pledge of existing promoter shareholding / proposed shareholding in lieu of conversion of promoter debt to equity.
- Right to appoint a Nominee Director.
On the share issuance
Any issue or allotment of equity shares is subject to completion of applicable corporate, regulatory and other approvals; the number of shares and issue price will be as per the terms of the MRA in compliance with applicable laws.
Shareholding and relationships
NARCL does not hold any shares in the Company. Mr. Aditya Khaitan holds 17,272 equity shares in the Company and is a promoter. The Company has stated the transaction does not fall within related party transactions.
Why it matters for investors
The agreement sets out a defined framework and timeline for a large debt load, splitting it into sustainable and unsustainable portions. At the same time, it contemplates allotment of 10% equity shares with anti-dilution protection, a lender Nominee Director and a Monitoring Committee — features that affect the capital structure and governance if implemented.
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More numbers
- Total outstanding debtRs. 2,483.31 Crore
- Sustainable Debt1,050 Crore
- Unsustainable debt1,433.31 Crore
- Equity shares to be allotted (stake)10% equity shares
- Shares held by Mr. Aditya Khaitan17,272 equity shares
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