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Our Bureau

New Delhi , Aug. 28

HINDUSTAN Motors, manufacturer of the Ambassador car, on Friday said the company's proposal for restructuring of its term loan/working capital liability under the corporate debt restructuring (CDR) mechanism has been approved by the CDR Cell.

The CDR's proposal is to reduce the interest on loan liability to 10.25 per cent annually.

Besides, the proposal included conversion of a part of the term loan liability into identified financial instruments, which are optionally convertible at the instance of the holders thereof, the C.K. Birla Group company added.

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