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| Exchange Disseminated Time 06/10/2015 14:51:33 | | Kiri Industries Ltd has informed BSE that the Company has entered into settlement agreement with Punjab National Bank for settlement of debts of the Company. As per settlement terms total outstanding debts was Rs. 156.85 crores and total settlement amount is Rs. 86.50 crores out of which the Company has paid Rs. 21.25 Crores upfront and balance Rs. 65.25 crores payable in 12 equal monthly installments with simple interest @ 10.00% p.a. Further if the Company fails to pay two consecutive installments to the Punjab National Bank then entire settlement will stand cancelled and the Company will be liable to pay entire outstanding debts of Rs. 156.85 crcres alongwith interest. |
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