India: Lenders take over Visa Steel under SDR rules

India: Lenders take over Visa Steel under SDR rules

SDR rules, introduced by the RBI earlier this year, allow banks to take over the management of a company in cases where debt restructuring has failed. Image sourced from Visa Steel website.

Visa Steel Ltd said that its lenders had decided to convert debt into equity by invoking strategic debt restructuring (SDR) rules.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter