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Rs. 475 Cr. Debt Restructuring Package of Mudra Lifestyle Approved

Mudra Lifestyle has successfully got their restructuring package from lenders after some good plans were being introduced by the company. The lenders of the said company are the following: State Bank of India, Oriental Bank of Commerce and Axis Bank. These lenders had given the company a total of Rs 475 crore.

Mudra Lifestyle Logo

Mudra Lifestyle

They have agreed to sacrifice Rs 45.50 crore to recast the loan. The main reason why lenders agree on this is the contribution of Rs 170 crore by the promoter of the Mudra Lifestyle. Recently, there have been some great changes in the management since their promoter is now selling majority of their stake to some companies in Korea.

The company is E-land Asia holding which now has about 65 per cent in Mudra Lifestyle. When a company is about to be closed due to some business problems, it is really not a good news for all especially to people who will be losing their jobs.

This is why there is a Corporate Debt Restructuring Forum which objective is to recast loans to companies that are in big financial trouble.

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