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Kiri Industries has entered into an agreement with Punjab National Bank for settlement of debts. According to the settlement terms, Kiri Industries, which had total outstanding debt of ₹156.85 crore settled the same at ₹86.50 crore. Of this, the company paid ₹21.25 crore upfront and the balance ₹65.25 crore will be payable in 12 equal monthly installments along with 10 per cent per annum simple interest. If the company fails to pay two consecutive installments to PNB, then the settlement will stand cancelled and the company will be liable to pay the entire outstanding debt of ₹156.85 crore along with interest. Shares of Kiri Industries jumped 15.93 per cent at ₹114.60 on the NSE.
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