Carbon Resources & McLeod Russel promoters to jointly settle lenders’ dues | CNBC-TV18 Exclusive

Carbon Resources and McLeod Russel promoters are likely to jointly offer a one-time settlement of Rs 1,100 crore to lenders.

CNBC-TV18 learns that as part of the settlement, there will be 100 percent recovery for secured lenders and 60 percent recovery as far as unsecured lenders are concerned.

Sources also tell CNBC-TV18 that a board meet of McLeod Russel in this regard is likely to take place soon.

So how will McLeod Russel manage to garner the funds for the same? It is learnt that there would be an asset monetisation plan to Carbon Resources, which would mainly include the sale of some domestic tea assets.

The other option that company may look at is to do an equity infusion by Carbon as well as by promoters of McLeod Russel.

Another option on the table is to opt for the sale of non-core assets. For instance, McLeod Russel owns a 2.29 percent stake in Eveready industries.

ICICI Bank, Axis Bank, State Bank of India, Punjab National Bank, HDFC Bank and Indian Bank are some of the secured lenders, while unsecured lenders include Yes Bank and RBL Bank.

CNBC TV-18 had reported that the lenders received a non-binding Letter of Intent from Carbon Resources on September 16. Carbon Resources had offered to infuse upfront equity worth Rs 300 crore and fresh debt worth Rs 945 crore to resolve the outstanding debt.