Hubtown Limited updates on OTS with IARC

Hubtown Limited ("the Company") has received One Time Settlement ("OTS") sanction letter in respect of the loan account of the Company acquired by International Asset Reconstruction Company Private Limited (acting in its capacity as Trustee of IARF-III Trust Scheme 1) from Dena Bank, along with all the underlying security interests. As required under the said Regulation we wish to furnish the required information in the prescribed format in the table given below:

Reasons for opting OTS - The loan account of the Company had been classified as Non-Performing Asset by Dena Bank and subsequently the said loan account had been assigned to International Asset Reconstruction Company Private Limited ("IARC").

Brief Summary of the OTS - The Company has to make payment to the IARC as per the terms of the OTS and after which IARC will issue No Dues and shall release the charge on securities.

Shares of Hubtown Limited was last trading in BSE at Rs. 38.90 as compared to the previous close of Rs. 37.80. The total number of shares traded during the day was 23371 in over 256 trades.

The stock hit an intraday high of Rs. 39.25 and intraday low of 37.25. The net turnover during the day was Rs. 901399.00.

Source : Equity Bulls

Keywords

Hubtown INE703H01016 OTS