Not seeking refinancing under RBI's 5/25 scheme: Hindalco

Aluminium maker Hindalco on Thursday said it is not going for refinancing under a Reserve Bank scheme even as market speculation was rife that it is looking to refinance loans up to Rs 8,000 crore.

New Delhi: Aluminium maker Hindalco on Thursday said it is not going for refinancing under a Reserve Bank scheme even as market speculation was rife that it is looking to refinance loans up to Rs 8,000 crore.

In a BSE filing, the firm said: "There is no truth in the ...Report that the company is doing refinancing under the 5/25 scheme of RBI."

The firm, however did not clarify on reports that it is talking to banks and financial institutions to refinance loans of up to Rs 7,000-8,000 crore.

According to sources, the company is talking to "financial institutions" to refinance loans in the range of Rs 7,000-8,000 crore.

When contacted, a Hindalco spokesperson declined to comment citing the company's silent period before its earning announcement.

Under the 5/25 scheme, banks can extend loan repayment for a period up to 25 years, with an option of refinancing the loan every five years.

Hindalco shares fell by 1.60 percent to settle at Rs 104.70 apiece on the BSE.