Syngene International Limited receives further interim payment from insurance company

Syngene International Limited had earlier announced about the fire incident that occurred in the Company premises on December 12, 2016, wherein certain assets were damaged.

The Company has since recorded a loss of Rs. 105.70 crore and recognized a minimum insurance claim for the equivalent amount in its books as detailed in Note 35 of the Standalone Financial Statements of the Company for financial year 2019-20.

The Insurer has vide its letter dated March 29, 2021 confirmed an approval for an additional interim payment of Rs. 35 crore, of which an amount of Rs. 24.5 crore has been disbursed to the Company. The total interim amounts approved till date aggregate to Rs. 212.00 crore of which Rs. 201.5 crore has been received and balance will be received in due course.

The Company is in the process of determining and lodging its final claim for the loss of assets and business interruption.

Shares of Syngene International Ltd was last trading in BSE at Rs.534.7 as compared to the previous close of Rs. 534.45. The total number of shares traded during the day was 43885 in over 1871 trades.

The stock hit an intraday high of Rs. 542 and intraday low of 527.05. The net turnover during the day was Rs. 23473846.

Source : Equity Bulls

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