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| Exchange Disseminated Time 14/02/2017 20:23:26 | Burnpur Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2017, has been successfully held and the following resolution has been passed and approved by the members of the Board in the said meeting.
The other financial matter was discussed in the meeting which is mentioned here below for your information under the Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
The State Bank of India, as the leader of the Consortium of Bankers is considering a Deep Restructuring Proposal submitted by the Company. On approval of the Deep Restructuring proposal, there would be significant reduction in the interest payable to the Banks along with deferment of the loan repayment. This will improve the liquidity position of the Company.
Further, the Company has received the Certificate of Date of Commercial Production for its Patratu Unit issued by Director of Industries, Government of Jharkhand dated January 24, 2017 as per the terms of Jharkhand Industrial Policy 2016. With this, the Company is now eligible to receive the Capital Investment Subsidy of Rs. 15 Cr approx. in April 2017 along with subsidy for VAT payable to Government of Jharkhand and on interest for the next 9 forthcoming years. Aggregate Vat subsidy will be about Rs. 200 Crore. This will have a positive impact on the Company's financials. |
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