Parsvnath Developers plans to repay Rs400 crore debt in FY10

29 April 2009

Parsvnath Developers said it planned to repay debt worth Rs400 crore this fiscal, through internal accruals. Parsvnath chairman Pradeep Jain said the company would repay a debt of Rs400 crore out of the total Rs1,600 crore this financial year.

He said the company had also restructured Rs800 crore of its debt.

He added that the company would get a moratorium on banks from between three months and a year. He said banks are giving moratorium on a project-to-project basis.

He said the company would have to raise funds for repayment of debts and expected to make the repayment from their internal accruals. The company did not need to raise funds for this he said.

Jain said that Parsvanath would focus on completing on-going projects and added that margins would continue to remain under pressure.

On the price front Jain ruled out any further downward price movements as the prices had bottomed out and there would be no further correction.