A2Z Infra Engineering accepts revised OTS with DBS Bank Ltd

A2Z Infra Engineering Limited had availed financial assistance from DBS Bank Ltd. (hereinafter referred to as 'DBS' or the 'Lender'). Company signed the Proposal Letter dated 20th June, 2019 for One time settlement (OTS) with DBS Bank and agreed to pay an amount of INR 30.0 Cr against the then outstanding amount of approx. INR 122.46 Cr along with interest and additional interest, if any, on such terms and conditions as agreed in the said Proposal Letter. However Company could pay only an amount of INR 2.25 Cr. due to pandemic COVID-19 and other cash flows issues; and the Company was not able to pay the remaining amount and was in continuous discussion with DBS for revision of the said Settlement amount. DBS Bank has accepted the same and we were in receipt of the Binding Settlement Offer letter dated 13th January, 2022 from DBS Bank. Company has passed the requisite resolutions by circulation on 19th January, 2022 for accepting the same.

Shares of A2Z Infra Engineering Limited was last trading in BSE at Rs. 11.46 as compared to the previous close of Rs. 12.02. The total number of shares traded during the day was 421028 in over 525 trades.

The stock hit an intraday high of Rs. 12.38 and intraday low of 11.42. The net turnover during the day was Rs. 4876663.00.

Source : Equity Bulls

Keywords

A2ZInfraEngineering INE619I01012 OTS RevisedSettlmentAmount DBSBank