Coastal Projects company is reported to have decided to go for restructuring of its loans worth Rs 3,700 crore. With Rs 500 crore, State Bank of India has the highest exposure to the Hyderabad-based construction company.
Other banks with exposure to the company include Punjab National Bank, ICICI Bank, Axis Bank and IDBI Bank.
One of the lender banks said that the company has been referred to the corporate debt restructuring (CDR) cell. A private equity (PE) investor in the company said Coastal was looking at various options to resolve its debt issues.