Alcoholic beverages manufacturer Tilaknagar Industries has executed an agreement with Standard Chartered Bank to settle all outstanding dues of its wholly-owned subsidiary, Prag Distillery.
The company will repay $2,000,000, in tranches, as a full and final settlement, against total dues of $2,398,956.
According to the terms of the settlement, all pending disputes between Standard Chartered Bank and Prag Distillery will stand resolved, said Tilaknagar Industries in a statement.
Recently, the company issued about 1.39 crore shares to Edelweiss Asset Reconstruction Company at a price of ₹24.36 per equity share (including premium of ₹14.36 per equity share) for debt restructuring of about ₹34 crore.
The company had entered into a long restructuring agreement with Edelweiss Asset Reconstruction Company wherein total loans of ₹523 crore have been restructured at ₹344 crore at an interest rate of 9 per cent.