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Steel Exchange India Ltd has informed BSE that the Company is taking over the debt of GSAL (India) Ltd payable to ICICI Bank Ltd and IDBI Bank Ltd.

ICICI Bank Ltd has agreed to assign the outstanding debt of GSAL (India) Ltd and the 0.1% Redeemable Cumulative Optionally Convertible Preference Shares in favour of the Company i.e. Steel Exchange India Ltd for a consideration of Rs 17.01 Crores (Rupees Seventeen Crores One Lakh only).

IDBI has agreed in principle to assign the outstanding debt of GSAL (India) Ltd and the 0.1% Redeemable Cumulative Optionally Convertible Preference Shares in favour of the Company i.e. Steel Exchange India Ltd for a consideration of Rs 50 Crores (Rupees Fifty Crores only).

Tags: Steel Exchange

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