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Nagpur-based Jayaswal Neco Industries Ltd, which was one of the companies in the Reserve Bank of India’s second list of defaulters about six years ago, has raised .. ....
The company will use the funds to repay high-cost money raised from Ares SSG-backed Assets Care and Reconstruction Enterprise (ACRE), the people said. Edelweiss Alternatives Assets through its Edelweiss Special Opportunities Fund, along with other funds, will invest ₹1,000 crore while Kotak Special Situation Fund will provide ₹1,500 crore, and Allianz Global Investors ₹700 crore, one of the persons cited above said. The funds will invest in non-convertible debentures (NCD) maturing in December 2028. ....
The loan would be used to refinance high-cost funds raised by the steelmaker from Ares SSG-backed Assets Care and Reconstruction Enterprise (ACRE), an asset reconstruction company. Publicly listed Jayaswal Neco has proposed to raise ₹3,250 crore through non-convertible debentures for a term of 3.5 years at a coupon rate of 18-20%, the people cited above said ....