Deal Highlights
- JCL achieved remarkable turnaround from FY20 supported with market dynamics & management competencies in productivity improvement & liability management efforts
- Despite strong turnaround & financials, re-entry into normal banking was tough to come by due to legacy issues of debt resolution
- Nuvama enabled JCL’s successful foray back into banking mainstream:
- Raising need-based WC funding;
- Achieving competitive terms;
- Lenient security & financial covenants, meeting client expectation without diluting bank’s credit norms
Nuvama Contribution
- Presented a compelling case for funding by citing turnaround & healthy financial metrics along with strong management credentials
- Garnered a few interests from banks despite legacy issues
- Negotiated commercials & covenants with bank