Kesar Enterprises Ltd accepts OTS sanctioned by UCO Bank

The Board of Directors of Kesar Enterprises Ltd have, today i.e. 29.03.2023, approved and accepted One-Time Settlement (OTS) sanctioned by UCO Bank vide its letter dated 27.03.2023.

The loan accounts of the Company had been classified as Non-Performing Asset by UCO Bank pursuant to non-payment of dues in time, due to financial problems being faced by the Company. The Company and the Bank were in discussion for amicable settlement in this regard.

Pursuant to sanction of OTS by the Bank and its acceptance by the Board of Directors of the Company, total liability of the Company towards its direct debt liability as well as liability arisen due to invocation of Corporate Guarantee extended by the Company, will get settled. The payments in pursuance of OTS, should be completed by the Company within the timeframe provided in the sanction letter issued by the Bank.

All security interest/guarantee under all the financing documents shall be released and No-Due Certificate shall be issued by the Bank, upon receipt of the entire OTS amount by the Bank.

Shares of KESAR ENTERPRISES LTD. was last trading in BSE at Rs. 55.72 as compared to the previous close of Rs. 59.96. The total number of shares traded during the day was 6639 in over 86 trades.

The stock hit an intraday high of Rs. 58.01 and intraday low of 50.25. The net turnover during the day was Rs. 368034.00.

Source : Equity Bulls

Keywords

KESARENTERPRISES INE133B01019 Sugar OneTimeSettlement Debt UCOBank