Tilaknagar Industries clears all outstanding dues of subsidiary Prag Distillery

Leading alcoholic beverages manufacturer, Tilaknagar Industries Limited (TI) announced that it has entered into and executed an agreement with Standard Chartered Bank for settling all outstanding dues of its wholly owned subsidiary, Prag Distillery Pvt. Ltd.

In a notification sent to the exchanges, Tilaknagar Industries, the maker of the famous Mansion House brandy said that it will repay an amount of USD 2,000,000, in tranches, as a full and final settlement, against total dues amounting to USD 2,398,956.44. According to the terms of the settlement, with this agreement, the guarantors and Prag Distillery Pvt. Ltd. will be discharged of all their financial obligations and that all pending disputes between Standard Chartered Bank and Prag Distillery Pvt. Ltd. will stand resolved.

Recently, Tilaknagar Industries Limited issued approximately 1.39 cr shares to Edelweiss Asset Reconstruction Company Limited (EARC) at a price of Rs 24.36 per equity share (including premium of Rs 14.36 per equity share) for debt restructuring of approximately Rs 33.86 cr. The company had entered into a long restructuring agreement with Edelweiss Asset Reconstruction Company (EARC) wherein total loans of Rs 523 crore have been restructured at Rs 344 crore at an interest rate of 9 per cent.

Founded in 1933 as Maharashtra Sugar Mills, Tilaknagar Industries, today, is a leading alcoholic beverage company in India. Over the years, the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.

Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs.18.45 as compared to the previous close of Rs. 17.8. The total number of shares traded during the day was 18480 in over 131 trades.

The stock hit an intraday high of Rs. 18.6 and intraday low of 17.5. The net turnover during the day was Rs. 336864.

Source : Equity Bulls

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