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Sundaram Multi Pap on Wednesday said it has repaid ₹45 crore of debt to banks by December. The company also informed the exchanges the following: that as part of the debt restructuring drive planned in September 2014, it has reduced debt by liquidating non-core assets located in Palghar and Mumbai and raising funds from qualified institutional buyers; debt repayment will reduce interest burden which will reflect in 2017-18 earnings; the company plans to sell the paper mill in Nagpur and the land parcel in Palghar to reduce debt and undertake further expansion, and it plans to bring down the interest burden by a further ₹5 crore in 2017-18. Shares of Sundaram Multi Pap slipped 1.9 per cent at ₹5.05 on the NSE.
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