Sterling and Wilson Renewable Energy Limited has successfully repaid ₹115 crore of a short-term loan that it had availed from Yes Bank Limited for working capital needs. The loan, which amounted to ₹250 crore, was initially taken for 12 months at an interest rate ranging between 9.95% and 11.95% per annum.
The short-term loan was due for repayment on September 30, 2023, and the company met its obligation by repaying the substantial portion. However, as of the latest update, there remains a shortfall in the repayment, comprising a principal amount of ₹135 crore and ₹0.35 crore in accrued interest.
As of October 30, 2023, the total outstanding borrowings from banks, and financial institutions, and the overall financial indebtedness of the company, which includes both short-term and long-term debt, stands at ₹1,773.92 crore.
Sterling and Wilson Renewable Energy are actively engaged in the process of making arrangements to ensure the timely repayment of the remaining balance of the short-term loan, along with the accrued interest. This development underlines the company’s commitment to managing its financial obligations and ensuring sound financial health.