Cravatex Limited releases mortgage on properties

Cravatex Limited had mortgaged its properties located at Nariman Point (Mumbai) and Prabhadevi (Mumbai) in favour of HDFC Bank Limited ("the Bank") as security against granting of credit facilities to Cravatex Brands Limited ("CBL"), the erstwhile subsidiary of the Company.

Consequent to the repayment of the credit facilities to the Bank by CBL and the sale/disposal of the Company's 100% shareholding in CBL, the Company arranged to release the mortgage on the said properties by the Bank and executed/registered a deed of release of the said mortgaged properties on 2nd June 2023. Consequently, the company's said properties now stand unencumbered to the Bank and the Company is discharged of its obligation to the Bank.

Shares of CRAVATEX LTD. was last trading in BSE at Rs. 296.10 as compared to the previous close of Rs. 297.50. The total number of shares traded during the day was 1632 in over 78 trades.

The stock hit an intraday high of Rs. 305.00 and intraday low of 290.00. The net turnover during the day was Rs. 481980.00.

Source : Equity Bulls

Keywords

CRAVATEX INE145E01017 MortgageRelease Properties