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

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.