Essar Energy has said that its subsidiary Essar Oil has made significant progress with its lenders towards exiting the current loan agreement, which relates to the corporate debt restructuring scheme and its Vadinar oil refinery in Gujarat.
The energy giant is already in discussions to replace its master restructuring loan with a new loan facility.
Essar Oil has made "significant" progress with its lenders to leave the restructuring scheme and believes it will entrer a new facility on revised terms.
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The share price rose 5.31% to 154.60p by 15:36.
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