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Sakthi Sugars surges 10% on OTS with Bank of India

As against an outstanding amount of Rs 233.78 crore as on March 31, 2019, the company has to settle Rs 150.43 crore on or before March 30, 2020.

September 23, 2019 / 11:31 AM IST
 
 
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Share price of Sakthi Sugars surged 10 percent intraday to Rs 9.27 on September 23 after the company agreed to a one-time settlement (OTS) with Bank of India.

The company held talks with Bank of India, one its lenders, for reschedulement/elongation of repayment of the loans and it resulted in a one-time settlement.

As against an outstanding amount of Rs 233.78 crore as on March 31, 2019, the company has settled to pay at Rs 150.43 crore on or before March 30, 2020.

The down payment of Rs 15.04 crore (10 percent) has been adjusted against the payment already made by the company.

Simple interest at 10.45% will be charged from July 17, 2019 on reducing balance basis.

At 1105 hours, Sakthi Sugars was quoting at Rs 9.27, up Rs 0.57, or 6.55 percent.

Moneycontrol News
first published: Sep 23, 2019 11:28 am

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