IDBI transfers Jhagadia Copper's loan assets to ARCIL

Jhagadia Copper Ltd has announced that Industrial Development Bank of India Ltd (IDBI Bank) has vide its letter dated March 30, 2007 informed that the long term facilities and fund base working capital facilities aggregating Rs 167.38 crores sanctioned to the Company by IDBI bank have been transferred to Asset Reconstruction Company (India) Ltd (ARCIL) vide Assignment Agreement executed on March 29, 2007 by and between IDBI Bank and ARCIL.

Further the Company has informed that IDBI Bank will continue to hold 14,564,680 Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) aggregating to Rs 14564.68 lacs and 21,565 equity shares aggregating to Rs 2.1565 lacs. Further 4,448,184 OCCRPS aggregating to Rs 4448.18 lacs are to be allotted to IDBI Bank in terms of restructuring package sanctioned in September, 2005.

Source : Equity Bulls

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