Share price of Premier rose nearly 5 percent intraday August 23 after the company reached settlement with Corporation Bank.
The company said in its release on BSE that it has paid in full an OTS amount of Rs 31.17 crore, consisting of the principal amount to the Corporation Bank, as full and final settlement of its dues.
As a result, the necessary consent terms have been filed before the NCLT, Mumbai, resulting in disposal of the petition by NCLT.
Corporation Bank had filed an application before the National Company Law Tribunal, Mumbai (NCLT) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for recovery of its dues amounting to Rs 51.99 crore — and the subsequent one-time settlement of Rs 31.17 crore arrived at with the Corporation Bank.
At 12:07 hrs, Premier was quoting at Rs 3.14, up Rs 0.05, or 1.62 percent, on the BSE.
The share touched its 52-week high of Rs 18.80 and 52-week low Rs 2.61 on 23 August, 2018 and 09 August, 2019, respectively.
Currently, it is trading 83.3 percent below its 52-week high and 20.31 percent above its 52-week low.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
