MIC Electronics, SBI mutually agrees for one time settlement of working capital loan

MIC Electronics Ltd. | Electric Equipment | Capital Goods & Industrial Consumables | BSE: 532850 | NSE: MICEL

08 Aug 2016 Evaluate

MIC Electronics and State Bank of India (SBI) have mutually agreed for a one time settlement of working capital loan as per the settlement letter dated August 03, 2016. The board of directors at its meeting held on August 06, 2016 has approved for the same.

The bank has agreed to waive the total outstanding interest of Rs 22.46 crore. As a result, the total outstanding due of the company towards this loan has reduced to Rs 57.43 crore.

MIC Electronics is a global leader in the design, development & manufacturing of LED Video Displays and Lighting Products.

Peers

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Waaree Energies	2627.50
Apar Industries	17496.15
Havells India	1114.80
Suzlon Energy	44.16
Siemens	3960.90
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