Evonith Steel's Strategic Refinancing Marks New Era of Growth

Evonith Steel completes refinancing of its Non-Convertible Debentures, raising INR 1,700 Cr through a new facility with major banks. This move reduces debt cost, enhances liquidity, and strengthens its balance sheet. Under Nithia Capital, production and profitability have improved, setting Evonith Steel for growth.

Evonith Steel has successfully refinanced its Non-Convertible Debentures with a substantial new facility amounting to INR 1,700 crore, roughly US$ 200 million. This financial maneuver has enabled the prepayment of all previously held NCDs by Indian banks and AB Carval, leading to reduced debt costs and improved liquidity.

The refinancing was co-underwritten by Standard Chartered Bank, JP Morgan India, IndusInd Bank, and Catholic Syrian Bank. This strategic move has not only extended Evonith Steel's debt maturity but has also enhanced its overall balance sheet, paving the way for a stronger financial position.

Ever since Nithia Capital took control of Evonith Steel, the company has seen notable improvements in production output and profitability. Nithia's extensive expertise in transforming underperforming entities has set Evonith Steel on a clear path to growth, ensuring readiness for upcoming expansion phases.

(With inputs from agencies.)