Mawana Sugars approves one-time debt settlement with Axis Bank

The board of directors of Mawana Sugars Ltd has approved a one-time settlement of debt with Axis Bank Ltd. Accordingly, Mawana Sugars will repay ₹33 crore against its total dues of ₹81.76 crore, the company said in a note to the exchanges on Thursday. The payment of ₹33 crore will be carried out in four instalments up to March 25, 2017. Shares of Axis Bank closed down 1.8 per cent at ₹539.30 on the NSE, while those of Mawana Sugars crashed 7.1 per cent at ₹53.95.