{"id":73831,"date":"2023-10-18T01:25:42","date_gmt":"2023-10-18T05:25:42","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/neo-asset-management-to-acquire-%e2%82%b9300-crore-steel-exchange-debt\/"},"modified":"2023-10-18T01:25:44","modified_gmt":"2023-10-18T05:25:44","slug":"neo-asset-management-to-acquire-%e2%82%b9300-crore-steel-exchange-debt","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73831","title":{"rendered":"Neo Asset Management to acquire \u20b9300 crore Steel Exchange debt"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Neo Asset Management has announced plans to acquire \u20b9300 crore of debt from Steel Exchange of India, a debt previously owed to Edelweiss Alternatives. The move is intended to refinance the existing high-cost debt and fund working capital requirements, according to an announcement made on Tuesday.<\/p>\n

The previous loan carried a hefty interest rate of 21.5%. However, the new loan acquired by Neo Asset Management could potentially be cheaper by up to 200 basis points. As part of the acquisition, Neo Asset Management and co-investors will secure 3,828 debentures amounting to a principal of \u20b9275 crore.<\/p>\n

In addition to this transaction, Steel Exchange will issue new Non-Convertible Debentures (NCDs) worth \u20b9100 crore (INR100 crore = approx. USD12 million). These NCDs carry an 18.75% coupon rate and will feature monthly interest payments along with quarterly principal payments.<\/p>\n

The financial performance of Steel Exchange has been significantly affected in recent years due to a variety of factors. These include an unfavorable steel cycle, reduced demand, plummeting prices over the past four to five years, and the impact of the COVID-19 pandemic. These challenges led to the company’s account being non-performing since December 2016.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Neo Asset Management has announced plans to acquire \u20b9300 crore of debt from Steel Exchange of India, a debt previously owed to Edelweiss Alternatives. The move is intended to refinance the existing high-cost debt and fund working capital requirements, according to an announcement made on Tuesday. The previous loan carried a hefty interest […]<\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-73831","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNeo Asset Management to acquire \u20b9300 crore Steel Exchange debt | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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