To cover part of the India Bulls loan, RRPR then borrowed Rs 375 crore from ICICI Bank. The private bank gave RRPR Rs 375 crore in October 2008, as per the deed of hypothecation. But by August 2009, RRPR had found another lender, a company named Vishvapradhan Commercial Private Limited, to repay the ICICI loan. VCPL agreed to pay RRPR Rs 350 crore, shows a loan agreement dated July 21, 2009; this was to be used in full to repay ICICI’s loan. RRPR and ICICI settled at Rs 350 crore, which came from VCPL, when RRPR owed Rs 396 crore to ICICI.

Source: Indian Express June 05, 2017 19:03 UTC