Rathi Steel and Power Ltd settles amount with ACRE Ltd

Rathi Steel and Power Limited has entered into Settlement Agreement with ACRE Limited (ARC) in respect of loan originally availed from Dena bank (now Bank of Baroda), which was subsequently assigned to ACRE. The Company has accepted the terms of the proposal communicated by the lender and in compliance with the same, the settled amount has been paid in full.

Due to continuous losses in the past as a result of various external factors, the debt of Company had grown to unsustainable levels. Thus, it was imperative to enter into Debt Resolution / settlement. Therefore, the Company and the lender entered into a Settlement Agreement, which is in the interest of all stakeholders.

Shares of Rathi Steel and Power Limited was last trading in BSE at Rs. 59.34 as compared to the previous close of Rs. 58.18. The total number of shares traded during the day was 250444 in over 194 trades.

The stock hit an intraday high of Rs. 59.34 and intraday low of 58.50. The net turnover during the day was Rs. 14744392.00.

Source : Equity Bulls

Keywords

INE336C01016 RathiSteelandPower IronandSteel DebtSettlement ACRE BankofBaroda ARC