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Dharani Sugars and Chemicals, on Thursday, said it has defaulted on loans aggregating ₹595.32 crore to 12 lenders, including Indian Bank, State Bank of India, IREDA and Sugar Development Fund.
In a regulatory filing, the company said date of default was December 31, 2019. The default in principal and interest were ₹514.61 crore and ₹80.71 crore, respectively, it added.
Loans extended by 10 banks to the company carried an interest rate of 12 per cent. IREDA and Sugar Development Fund charged 11.50 per cent and 10 per cent, respectively, on the loans given by them.
As per the filing the loans extended by the lenders is secured. Indian Bank has the highest exposure of ₹157.40 crore (including principal and interest), followed by State Bank of India (₹98.91 crore), IREDA (₹82.10 crore) and Sugar Development Fund (46.69 crore).
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