Microfinance Focus, September 29, 2011: Andhra Pradesh based microfinance institution Share Microfin has signed a Master Restructuring Agreement (MRA) with a consortium of banks for debt recast of Rs 1,900 crore. According to the deal, Share is given a seven-year repayment period for its loans from banks including a moratorium on repayment for one year.

The MRA is the final step of the Corporate Debt Restructuring (CDR) process which began in June 2011, reports Hindu Business Line.

“We are delighted to have signed the MRA and are thankful for the continued support of our lenders, in particular the ICICI and SIDBI,” Mr Udaia Kumar, Managing Director of SHARE said in a release on Thursday.

The promoter of SHARE, Legatum Ventures, majority shareholder of SHARE, and Aavishkar Goodwell, had also infused a fresh equity capital of Rs 4.8 crore.

“We are hopeful that with the support of the Andhra Pradesh government we will be allowed to return to our work of providing inclusive financial services to the poorest in AP,’’ Mr Udaia Kumar added.