Supertex Industries Updates on settlement with IDBI

Supertex Industries Ltd has announced that the term loan of one of its institutions (IDBI) is settled and paid off in full with the help of the promoters. This is welcomed by the Company as a gesture reassuring the confidence of the promoters in the management. This is the first significant step which puts the Company on its path to recovery to make the Company turn around. This together with the payment of another ongoing settlement would benefit the Company by over Rs 14 crores in terms of book profits. The other lenders are also likely to be paid off shortly.

Further, a Revival Committee has been set up consisting of top management team alongwith certain professionals. The primary task of this committee is to work out alternatives that can facilitate the earliest revival of the Company by making the Company debt free, de-bottlenecking the existing operations, optimizing and stabilizing its production capacities and enhancing its potential for growth.

Source : Equity Bulls

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