Just a couple of months after it hammered out a one-time settlement with HDFC Bank to repay an outstanding loan of Rs 100 crore, the IL&FS-promoted Maytas Infra is now learnt to have sealed similar one-time settlement deals with nearly half a dozen banks to repay outstanding debt of another Rs 250 crore.

With this, the beleaguered infrastructure company, which was earlier promoted by Satyam founder B Ramalinga Raju's elder son Teja Raju, has now managed to work out a one-time debt settlement for nearly Rs 350 crore out of its total outstanding loans of around Rs 420 crore, as of January 2009, with nine banks, sources said.

According to sources, Maytas Infra has negotiated a one-time settlement on the lines of that worked out with HDFC Bank with other banks like HSBC Bank, ING Vysya, Yes Bank, IndusInd Bank, BNP Paribas and Axis Bank. The formula: the company repays in one shot only 50% of the outstanding loan amount as of January 2009 to these banks to settle its debt.

However, the company is still understood to be in parleys with two other banks to thrash out a similar one-time settlement package to settle the remaining Rs 70 crore debt, sources added. The company had outstanding loans of Rs 100 crore or less with each of these nine banks.

Meanwhile, the company is also re-negotiating its corporate debt restructuring (CDR) package with other five banks and financial institutions including IDBI, SBI and ICICI, all of whom together have an exposure of another Rs 1400 crore or so in the company.

For the CDR package, the company has mooted a conversion of nearly one third of this debt of nearly Rs 1400 crore into equity, among other proposals. While the package is learnt to have been broadly approved by the consortium, the company is now learnt to be thrashing out some finer details of the renegotiated CDR package with the consortium of lenders.

A total of 14 banks had given loans of nearly Rs 2000 crore to Maytas Infra but after Satyam founder B Ramalinga Raju's confessions on January 7, 2009, that he cooked Satyam's accounts, banks froze all accounts, bringing the operations of the company to a grinding halt.