Sakthi Sugars Ltd 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 reschedulement / 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.
Shares of SAKTHI SUGARS LTD. was last trading in BSE at Rs.8.7 as compared to the previous close of Rs. 8.71. The total number of shares traded during the day was 2765 in over 8 trades.
The stock hit an intraday high of Rs. 8.8 and intraday low of 8.39. The net turnover during the day was Rs. 23789.