Tilaknagar Industries Ltd enters into settlement agreement with DCB Bank Ltd

Tilaknagar Industries Ltd. has entered into a settlement agreement dated July 02, 2021 with DCB Bank Ltd. (the Bank), one of the Financial Creditors of its wholly owned subsidiary company, Prag Distillery Pvt. Ltd. (In liquidation).

Terms of agreement:

Tilaknagar Industries Ltd. undertakes to settle the outstanding dues on behalf of its wholly owned subsidiary Prag Distillery Pvt. Ltd. and settle all the pending disputes with the Bank. The Bank agrees to accept the full and final settlement of Rs 22,52,77,632/- and odd towards full and final settlement of its claims against total dues amounting to Rs 28,91,77,142.

Upon full payment of all the dues under this Settlement agreement in accordance with the agreement, the Guarantors will be discharged of their financial obligations under Guarantee Documents and Prag Distillery Pvt. Ltd. will be discharged from its financial obligations under the Finance Documents.

Shares of TILAKNAGAR INDUSTRIES LTD. was last trading in BSE at Rs.43.2 as compared to the previous close of Rs. 37.75. The total number of shares traded during the day was 1835639 in over 4135 trades.

The stock hit an intraday high of Rs. 43.85 and intraday low of 37.85. The net turnover during the day was Rs. 74428204.

Source : Equity Bulls

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