STEEL AUTHORITY OF INDIA LTD. - Steel Authority of India Ltd reply to clarification sought by the exchange
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| 14 Sep 2017 | |
| The Exchange had sought clarification from Steel Authority of India Ltd with respect to news article appearing on mydigitalfc.com on September 12, 2017 titled "SAIL to raise 350m from market"<BR><BR>Steel Authority of India Ltd replied stating "The Company has been borrowing funds from the market from time to time to meet its capex and operational requirement. The borrowings include, inter alia, Rupee Term Loan from Banks, Buyers' Credit, Commercial Papers, Working Capital Demand Loan (WCDL), Cash Credit (CC), Bonds, ECB, etc. The Company was in discussion with State Bank of India (SBI) for availing of USD 350 million ECB since January, 2016, which finally concluded with signing of Facility Agreement on 11.09.2017. The Company will be availing ECB from any Bank after a long gap of about 4 years.<BR><BR>As on date the Company has borrowings of about Rs.42,700 crore. The borrowings through ECB of USD 350 million is not material and the article will not have any material impact on the Company." | |
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