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Bengal and Assam Company Ltd, a promoter of JK Tyre & Industries , has repaid a Rs 200-crore loan from KKR Capital and took control of the shares pledged with the private equity firm.
While the first installment of Rs 50 crore was returned on August 20, the remaining principle of Rs 150 crore was returned on August 30. As on date, the entire lot of shares pledged against the sum borrowed from KKR is back with the promoters, the company said in a statement.
Bengal and Assam Company had borrowed Rs 200 crore from KKR Capital in March 2019.
The amount was borrowed from KKR Capital for four year period, with a one-year lock-in, by pledging shares owned by the promoters in JK Tyre – a manufacture of tyres for passenger and commercial vehicles. The loan was to be repaid by March 2023.
JK Tyre , with presence in 100 countries and production support from 12 plants (nine in India and three in Mexico), has a production capacity of 35 million tyres per annum. In April 2016, JK Tyre acquired Cavendish India from Birla Tyres.
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