Kiri Industries has informed 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 at the rate of 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.
The above information is a part of company’s filings submitted to BSE.
