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The board of Facor Alloys on Monday agreed to enter into a one-time settlement with Bank of India, Visakhapatnam, for its total outstanding dues of ₹27.05 crore as on March 31, 2019.
The settlement is towards devolvepment of the Standby Letter of Credit issued as collateral in favour of Bank of India, Jersey, for $10 million borrowings by Facor Minerals (Netherlands) BV, a step-down first-level subsidiary. According to OTS, the cut-back amount of ₹4.42 crore received by BOI up to May 31 has been treated as application money and form part of the OTS proposal; ₹10 crore out of the outstanding amount of ₹21.28 crore will be paid by June 29, and the balance ₹11.28 crore by September 18 on monthly instalments basis.
Shares of Facor Alloys jumped 14 per cent at ₹1.46 on the BSE.
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