Last Updated : Tuesday, January 3, 2017 15:57:46

Sezal Glass pays 6.5 billion rupee debt, now has 600 million rupees debt on books

MUMBAI | AHMEDABAD | RAJKOT – Sezal Glass Ltd claims of having become a debt free company, post putting its glass manufacturing unit on sale in May 2011, the company claims of having paid debt of 6.5 billion (650 crore) rupees to the consortium of bankers without any kind of haircut and paying upto last day’s interest as well as towards repayment of inter-corporate deposits (ICDs), unsecured loans and fixed deposits, the company now has debt of around 60 crores on its books, the company statement said.

The company post debt payment is confident of rebuilding its glass brand ‘SEJAL’ again and is confident of regaining leadership in Architectural glass segment, for which the company has started reducing fixed cost, converting it to variable cost, improving on production efficiencies and restructuring the sales policy to secure payment terms, the statement said.

The payment to creditors and the fixed deposits are gradually going up, having received support from dealers, customers and employees Management is committed to put the company on the growth mode and is confident that with the changing scenario in the Company and in the country, there will be growth seen again, every quarter on quarter, the statement said.

Amrut S. Gada, Chairman & Managing Director of the Company was quoted in the company statement saying, “I’m confident that you will see the company growing every quarter.”

Chairman & Managing Director Amrut Gada’s statement seems to have rekindled investor and market sentiment in the company, as the statement informing of the company paying 6.5 billon rupees debt came in early trading session, initial market opening hours and shares of Sezal Glass traded in green on positive counters today on the two leading Indian bourses – The Bombay Stock Exchange and The National Stock Exchange.


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