Tilaknagar Industries Ltd completes payment of restructred debt of EARC

Tilaknagar Industries Ltd has made a pre-payment of the Restructured debt of Edelweiss Asset Reconstruction Company (EARC) acting as trustee of EARC Trust SC 241.

Accordingly, the total Restructured debt of Rs. 176.22 crores as on June 30, 2023 of EARC Trust SC 241 now stands reduced to Rs. Nil. Consequent to the above prepayment, the corresponding Balance debt of EARC Trust SC 241 of Rs. 3.62 crores has been waived by EARC and accordingly the same shall be written back by the Company.

The prepayment of EARC debt has been funded through debt of Rs. 130 crores from Kotak Mahindra Bank Limited and Internal Accruals of the Company.

The Company has now completely repaid the Restructured debt of all the three EARC Trusts i.e EARC Trust SC 233, EARC Trust SC 241 and EARC Trust SC 269 as per the Master Restructuring Agreement (MRA) dated February 06, 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the Restructured Facilities.

Shares of Tilaknagar Industries Limited was last trading in BSE at Rs. 193.70 as compared to the previous close of Rs. 187.55. The total number of shares traded during the day was 209741 in over 3288 trades.

The stock hit an intraday high of Rs. 196.90 and intraday low of 189.20. The net turnover during the day was Rs. 40610645.00.

Source : Equity Bulls

Keywords

TilaknagarIndustries INE133E01013 PrePayment RestructuredDebt EdelweissARC