“If the promoters can bring in this amount before the end of the month, then it could still be worked out,” the source said.
The company has been looking to recast its Rs 11,500-crore loan since last November. In late January, lenders had agreed to throw a lifeline to the Surat-based shipyard, which is the largest private sector ship builder in the country.
Its promoters, including Chairman Rishi Agarwal hold close to 67 per cent stake in the company, which had reported a net loss of over Rs 156 crore on revenue of Rs 284.5 crore, down 40 per cent year-on-year, in the December quarter.
Against this in FY13, its net income stood at Rs 107.13 crore, which was down from Rs 180.3 crore during the previous fiscal.
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