The tea producer had defaulted on the repayment of principal and interest to its lenders. When contacted, a director of MRIL said the proposal was sent to the lenders and the company is "not aware of it as of now". "The decision cannot be taken in one meeting," said the person who requested not to be named. "There is a process. Let us see what happens and what course of action the lenders take."

The Nifty Bank index was trading 0.34 per cent down at 41328.45.

According to sources, in the letter, the company offers to infuse upfront equity worth Rs 300 crore and a debt of Rs 945 crore to resolve Mcleod Russel’s outstanding debt. The tea maker currently has a debt of over Rs 1,700 crore.

In the Nifty 50 index, 21 stocks were trading in the green, while 29 stocks were trading in the red.

The Nifty Pharma index was trading 0.16 per cent up at 12771.45.

The Nifty IT index was trading 0.51 per cent down at 26883.1.

The Nifty Realty index was trading 0.37 per cent down at 455.5.

In the Nifty pack, 44 stocks closed in the green, while 6 stocks ended in the red.

Nestle India, Shree Cements, Grasim Inds., Power Grid and Infosys were among the top losers on NSE in today's trade.

The Nifty Pharma index closed 3.08 per cent up at 12750.7.

The Nifty IT index closed 0.78 per cent up at 27020.6.

In the Nifty50 index, 44 stocks closed in the green, while 6 stocks ended in the red.

The Nifty Realty index closed 1.59 per cent up at 457.2.

The Nifty Auto index closed 1.66 per cent up at 13291.35.

Macpower CNC Machine, Upsurge Seeds of Agriculture Ltd., D P Wires, Lancer Container Lin and McLeod Russel, hit their fresh 52-week highs during the day.

"We have acquired a 5.03 per cent stake in McLeod Russel and have sent our letter to bankers, offering to infuse upfront equity (capital) worth Rs 300 crore and a debt of Rs 945 crore for a resolution for the company's outstanding debt.

The Nifty Bank index was trading 1.45 per cent up at 41496.7.

In the Nifty pack, 49 stocks were trading in the green, while 1 stocks were trading in the red.

The Nifty Auto index was trading 1.94 per cent up at 13328.25.

In the Nifty50 index, 49 stocks were trading in the green, while 1 stocks were in the red.

The Nifty Pharma index was trading 1.01 per cent up at 12494.6.

The flagship company of the Adani Group, Adani Enterprises, has raised Rs 100 crore by allotment of 1,000 non-convertible debentures of face value of Rs 10 lakh each on a private placement basis.

The US markets on Friday ended in the red, with all the 3 major US indices slipping to levels not seen since mid-July. S&P closed below 3,900, a support level tracked closely. Largely, the warning of an impending global recession by FedEx cautioned investors.

The partially convertible rupee opened at 75.1700 per US dollar as against 75.3300 per dollar at the previous close. So far in the day, the Indian currency moved in a band of 75.1800-75.2580 per US dollar.

Bulk tea major McLeod Russel India on Friday said its bankers have signed an Inter Creditors Agreement (ICA), a precursor to a resolution plan for debt restructuring, that rekindled hope of revival of the once largest tea producer of the world.

The sharp price difference between the Indian and Kenyan teas has therefore narrowed down and Indian producers have started receiving export enquiries from West Asia, Russia, Kazakhstan and the US for black tea. This year, Indian tea had faced a tough competition from Kenyan tea as its prices were Rs 250-300 per kg while Kenyan tea was priced at less than Rs 150 per kg.

McLeod Russel India, which are held by Ichamati Investments, had pledged the shares with IndusInd Bank in order to secure outstanding dues of the tea plantation firm.

"We wish to inform that the bank had yesterday, i.e., September 28, 2021, pursuant to invocation of pledge of shares, acquired 50,00,000 equity shares of McLeod Russel India Ltd," IndusInd Bank said in a regulatory filing.

The bankruptcy proceedings were initiated by construction company Techno Electric and Engineering Company in 2019 over a default on interest payments towards a Rs 100-crore loan, according to a court order reviewed by ET.

The worrying milestone was touched on the day the Games will officially open in Tokyo with a ceremony to be attended by less than 1,000 dignitaries and sans any spectators.

IndusInd Bank stock closed at Rs 1,017.25 apiece on BSE, up 0.98 per cent. McLeod Russel shares ended nearly 5 per cent higher at Rs 36.85.

Apart from a hike in freight, what is hurting the trade is lower prices of teas from Africa. Africa is able to sell teas at $1.6-1.7 per kg or Rs 120-126 per kg. Indian black tea price, which is of a similar quality as African tea, is selling at more than Rs 200 per kg.

Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL).

Prices of teas at the auctions have already increased by 5-10% in the last one month and these products will be available to consumers by the end of July when they may have to pay more for the cuppa. In 2020, the nationwide lockdown had impacted tea production, pulling it down by 140 million kg from the level in 2019, a normal tea production year.

McNally Bharat is among a long list of construction companies to face the prospect of bankruptcy. However, finding buyers for such companies has been difficult under the NCLT route. At least three such companies—Lanco Infratech, Punj Lloyd and IVRCL—have gone into liquidation after banks took them into insolvency proceedings.

Banks to consider debt resolution optThe group of lenders includes a combination of private and public-sector banks, such as Axis Bank, UCO Bank, Allahabad Bank, Indusind Bank and ICICI Bank.ions for tea producer that has ₹4,000-cr dues