A2Z Infra Engineering Ltd announces OTS with ICICI Bank Ltd

A2Z Infra Engineering Ltd had availed financial assistance from ICICI Bank Ltd. On 8th July, 2019 Company has signed a memorandum of understanding with ICICI Bank for their outstanding amount of INR 8.40 Cr. Company paid the first instalment of INR 2.09 Cr. Company further approached and negotiated with ICICI Bank for One Time Settlement (OTS). As per the books and accounts, as on 31st May, 2021 the fund base outstanding exposure of ICICI Bank with Company was approx. INR 8.0 Cr (Indian Rupees Eight Crore only). Over the past years, the management has been working assiduously to turn the Company around by addressing and reducing the debt burden of the Company and its subsidiary companies. In this reference Company had earlier announced settlement with various Lenders. Now, the Company has reached a full cash OTS with ICICI. The Company has signed the Settlement Agreement with ICICI Bank to settle its all outstanding liabilities (including interest) through a full cash OTS amount of INR 4.25 Cr.

Shares of A2Z Infra Engineering Limited was last trading in BSE at Rs.4.78 as compared to the previous close of Rs. 4.59. The total number of shares traded during the day was 181372 in over 210 trades.

The stock hit an intraday high of Rs. 4.8 and intraday low of 4.4. The net turnover during the day was Rs. 836203.

Source : Equity Bulls

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