Tilaknagar Industries Ltd. has completed the payment of the compromise amount in full and final settlement of its dues to Bank of India (BOI) as per the terms contained in the One Time Settlement sanction letter dated 19.03.2018 issued by BOI. The Company has also received the No Dues Certificate from BOI confirming that there are no dues pending against the Company as the Company has paid the full compromise amount as per the terms of the OTS approved by the Bank.
REASONS FOR OPTING FOR OTS
The Company opted for One Time Settlement as the Company's Account has been classified as NPA by the Bank.
BRIEF SUMMARY OF THE OTS
As per the OTS, the Company has settled the dues to the Bank by paying Rs. 95.00 Crores (OTS amount) towards full and final settlement of the total dues of Rs. 264.85 Crores payable to the Bank as per Company's records.
Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs.14.75 as compared to the previous close of Rs. 15. The total number of shares traded during the day was 9056 in over 147 trades.
The stock hit an intraday high of Rs. 15 and intraday low of 14.45. The net turnover during the day was Rs. 132464.