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Bemco Hydraulics on Friday said that its board reviewed the banking facilities taken from Bank of Maharashtra and State Bank of India and considered a new proposal received from YES Bank. After discussions, the board decided to discontinue the consortium banking and go for multiple banking with YES Bank and State Bank of India. It will discontinue the banking facilities with Bank of Maharashtra after paying all the dues. It will extend charges on the immovable property, current assets, and movable fixed assets of the company with YES Bank and SBI. Shares of Bemco Hydraulics climbed 2.34 per cent at ₹179.05 on the BSE.
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