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Shriram City Union Finance Ltd updates on loans given to SVL group

Posted On: 2018-07-07 16:52:07

Shriram City Union Finance Ltd (SCUF) has given Loans to the SVL Group in various tranches amounting to Rs. 400 crores with Board Approvals. The loans are adequately secured. The loans fall due for maturity in various tranches over the next 2 years up to Sep 2020. SVL Limited, its Promoters / Promoter Group, and its associates, have enough assets /resources to repay the loans. The Promoters of SCUF are also addressing the above with SVL Group to get the settlement of the dues, failing which, the Promoters / Promoter Group of our Company will address through alternate mechanisms to settle the dues. The Company is fully confident of recovering the above loans. SCUF has always adhered to highest corporate governance norms and best practices as would apply to its business and we assure all our stake holders that we will continue to ensure the protection of its stake holders interest at all times to come. The total assets under Management of SCUF as of March 31, 2018 were Rs. 27,461 crores and the PAT for FY 2017-18 was Rs. 665 crores.

Shares of SHRIRAM CITY UNION FINANCE LTD. was last trading in BSE at Rs.1906 as compared to the previous close of Rs. 1977.55. The total number of shares traded during the day was 10067 in over 155 trades.

The stock hit an intraday high of Rs. 1978.8 and intraday low of 1906. The net turnover during the day was Rs. 19292401.


Source: Equity Bulls

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