Kuantum Papers Ltd announces prepayment of Term Loans

Kuantum Papers Ltd had earlier announed about the sanction and implementation of the Resolution Plan by the lenders in terms of RBI circular dated 6 August 2020. The resolution plan provided for converting the interest on term loans for 1 year into FITL alongwith moratorium of 2 years in the repayment of term loans.

In view of better than envisaged business operations and healthy cash flows, the Company has prepaid the entire FITL of Rs. 36 crores in September 2022 which was otherwise repayable up to FY 2029-30. The company has also undertaken consolidation of banking operations and has refinanced 3 of its lenders by another Bank. It has further prepaid an amount Rs. 105 crores of the restructured term loans in the 1st week of December 2022. This is in addition to the regular payments due in September 2022 after the moratorium period ended. The total repayment made in the current year constitutes 30% of the restructured term debt in terms of the provisions of RBI circular of 6 August 2020, of the Banks implementing the resolution plan and accordingly the company has requested the lenders for classification of account as 'Standard' from the current classification of 'Standard Restructured'.

Shares of Kuantum Papers Limited was last trading in BSE at Rs. 145.35 as compared to the previous close of Rs. 145.60. The total number of shares traded during the day was 1416 in over 53 trades.

The stock hit an intraday high of Rs. 151.00 and intraday low of 144.35. The net turnover during the day was Rs. 206583.00.

Source : Equity Bulls

Keywords

KuantumPapers INE529I01021 RestructuredLoans LoanPrepayment LenderClassification