BackSakthi Sugars to sell non-core assets as part of CDR scheme
In March, the company has allotted equity shares worth Rs180 crore to ABT Ltd, a company owned by the promoters of Sakthi Sugars
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Mumbai: Sakthi Sugars Ltd, a Coimbatore-based sugar manufacturer, will be monetizing certain non-earning and non-core assets to reduce the company’s debt under the Corporate Debt Restructuring (CDR) scheme, the company said in a filing to BSE on Friday.
Sakthi Sugars has four sugar manufacturing plants—three in Tamil Nadu and one in Odisha.
The firm’s standalone debt as of March 2014 stood at Rs711.47 crore.
In March, in accordance with the CDR scheme, the company had allotted equity shares worth Rs180 crore to ABT Ltd, a company owned by the promoters of Sakthi Sugars.
According to a Mint analysis in August, in the first four months of the fiscal year, companies put more than Rs17,000 crore of assets on the block. Many of these are so-called non-core assets—units that aren’t vital to their main business operations and can be disposed of to raise cash when needed.
At 3.31pm, Sakthi Sugars fell 2.2% to Rs18.20 on BSE, while the exchange’s benchmark Sensex index fell 0.24% to 27,021.62 points.
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