Sterling and Wilson Renewable Energy Ltd updates on short-term loan from YES Bank Ltd

Sterling and Wilson Renewable Energy Limited had availed a short-term loan of INR 250 crore, for a period of 12 months at an interest rate of 9.95%-11.95% p.a., from Yes Bank Limited for working capital purposes. The said short-term loan is secured by second pari-passu charge on moveable fixed assets and current assets of the Company.

The said short-term loan was due for repayment on September 30, 2023. The Company made a repayment of INR 115 crore within the due date, i.e., September 30, 2023 and as on date, there is a shortfall in repayment of principal amount of INR 135 crore and payment of interest of INR 0.35 crore.

Total amount of outstanding borrowings from Banks/ financial institutions and total financial indebtedness (including short-term and long-term debt) of the Company as on October 30, 2023 is INR 1,773.92 crore.

The Company is in the process of making arrangements for expeditious repayment of the balance amount of the said short-term loan (including interest thereon).

Shares of Sterling and Wilson Renewable Energy Limited was last trading in BSE at Rs. 263.85 as compared to the previous close of Rs. 270.30. The total number of shares traded during the day was 36499 in over 971 trades.

The stock hit an intraday high of Rs. 273.00 and intraday low of 261.30. The net turnover during the day was Rs. 9714890.00.

Source : Equity Bulls

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SterlingAndWilsonRenewableEnergy INE00M201021 ShortTermLoan Update