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Steelco Gujarat has received $400,000 from Panama-based Costronal Holdings SA as an initial loan. The total size of the loan agreement is $8,300,000, it said in a statement to the exchanges. The amount will be further remitted to the Lead Bank of the consortium of banks, as an initial deposit towards a one-time settlement proposal. Shares of Steelco Gujarat jumped 4.6 per cent at ₹2.28 on the BSE.
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