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BoB to refinance some corporate accounts

Bank of Baroda has drawn up plans to refinance its stressed corporate accounts and change managements in certain cases. The bank feels this will unburden some of its bad debts. The bank intends to infuse Rs 708 crore to refinance six corporate accounts, majority of which are power companies, under the special Reserve Bank of India refinance scheme popularly called 5/25. It will also undertake Strategic Debt Restructuring (SDR) in three corporate accounts, including Electrosteels and has received an in-principle approval for change of management in Parekh Aluminium and Monnet Ispat.

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