HBL: Facor Alloys enters into one-time settlement with Bank of India

24 June 2019: The board of Facor Alloys on Monday agreed to enter into a one-time settlement with Bank of India, Visakhapatnam, for its total outstanding dues of ₹27.05 crore as on March 31, 2019.

The settlement is towards devolvepment of the Standby Letter of Credit issued as collateral in favour of Bank of India, Jersey, for $10 million borrowings by Facor Minerals (Netherlands) BV, a step-down first-level subsidiary. According to OTS, the cut-back amount of ₹4.42 crore received by BOI up to May 31 has been treated as application money and form part of the OTS proposal; ₹10 crore out of the outstanding amount of ₹21.28 crore will be paid by June 29, and the balance ₹11.28 crore by September 18 on monthly instalments basis.

Shares of Facor Alloys jumped 14 per cent at ₹1.46 on the BSE.

The Hindu BusinessLine reported

Categories: General News, India Bankruptcy

Tags: , , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: