Sobha Developers, the Bangalore-based Rs 1500 cr real estate developers, is understood to have got a nod from three mutual funds to roll over debt of around Rs 350 cr. The payback is expected to start after 12 months, starting Apr 2010. Sobha Developers is leveraged 1.6 times and is aggressively looking to restructure nearly Rs 900 cr debt out of a total of Rs. 1900 cr. This move by three mutual funds comes on the heels of around 12 banks and financial institutions starting work to restructure another Rs 600 cr debt to Sobha Developers. Sources indicate the company has been able to get approval for revamping around Rs 100 cr of debt so far and the rest is expected to sewn up by mid-2009. Company officials said these debts were for projects that were either underway or nearing completion or against the inventory backlog. The average rate of interest is around 13.72 per cent. Sobha Developers is understood to be aiming to restructure Rs 900 cr debt by around September. Nearly Rs 400 cr is due to be paid in the current calendar year. The company is also looking to rope in a financial investor to the extent of 20-25 per cent through preferential allotment. This will fetch an additional Rs 300 cr, which can be used to settle a part of the debt. The promoters hold close to 87 per cent in the company. Courtesy:- BS dtd:- 26-03-09