SAKTHI SUGARS triggers one time settlement for dues with BANK OF INDIA

SAKTHINAGAR | COIMBATORE | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory update submitted to the Indian Stock Exchanges, Coimbatore (Tamilandu) headquartered Sakthi Sugars Ltd said of having triggered one-time-settlement with Bank of India, agreeing to pay 1.5 billion (~150.43 crore) rupees against the outstanding dues of 2.34 billion (~233.78 crore) rupees.

The company update as submitted to the Indian Bourses read that, The company wishes to inform that the Company has agreed for one-time settlement (OTS) with one of the lenders, viz. Bank of India.

The Company had discussions with Bank of India for rescheduling/elongation of repayment of the loans and it has culminated into One-Time Settlement (OTS) with the Bank.

In terms of the Bank’s letter dated 19-09-2019, as against the amount outstanding of Rs. 233.78 crores as at 31st March 2019, the Company has to settle at Rs. 150.43 crores on or before 30th March 2020.

The down payment of Rs.15.04 crores (10%) has been adjusted against the payment already made by the Company.

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


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