In the wake of a substantial re-financing of the company’s debts, Ankit Miglani, Deputy Managing Director, Uttam Galva talks to ET Now on how the future looks for the steel manufacturer.
We are trying to consolidate our overall debt structure. Currently it is with
various different banks in different components with different terms of
financial covenants with different maturities, we are trying to bring everything
under one simplified structure, so it is easier to handle. The prime reason of
course would also bring our cost down because our rating has significantly
changed since ArcelorMittal has become a co-promoter in the organization.
So it is overall in the best interest of the organisation to consolidate our
entire debt structure and improve it. The mandate has already been issued to SBI
caps and we are very hopeful that things should materialise over the next couple
read more @ http://articles.economictimes.indiatimes.com/2011-02-24/news/28627951_1_uttam-galva-ankit-miglani-arcelormittal
Future Ventures is planning to pick up a 26% stake in edutainment media firm Amar Chitra Katha Private Limited (ACK) for about Rs 37.5 crore. Besides Future Ventures this round of funding, has also seen participation from the existing investor, the AIM-listed India focused private equity firm Elephant Capital.
ACK is into the business of education and entertainment viz. publishing various children’s magazines and books, such as Tinkle and Amar Chitra Katha etc. It also has products and services in new age media platforms including a social networking website for children. The company also ventured into media distribution by acquiring India Book House, one of the largest distributors of books and magazines in India.
Lenders have kicked off the debt restructuring process of India’s second largest microfinance institution – Spandana Sphoorty Financial. Its total debt at Rs 3,325 crore is the highest in the industry, reports CNBC-TV18.