Bio Green clears Rs 3 cr debt with IDBI
Bio Green Industries said its subsidiary Shivsagar Paper and Chemcials has cleared its debts worth Rs 3 crore with Stressed Assets Stabilization Fund (SASF) of IDBI.
By PTI |
MUMBAI: Bio Green Industries on Monday said its subsidiary Shivsagar Paper and Chemcials has cleared its debts worth Rs 3 crore with Stressed Assets Stabilization Fund (SASF) of IDBI.
The company, under one time settlement with Stressed Assets Stabilization Fund of IDBI has cleared all of its dues, as it made the final tranche of payment on August 10, Bio Green Industries said in a filing to the Bombay Stock Exchange.
The company has also successfully completed its one time settlement with State Bank of India by paying Rs 95 lakh, it added.
"The company's first priority was to become debt-free, which it has achieved and henceforth it intends to increase its production capacities and become a significant player in the areas of operations of kraft paper, duplex board, production of aqua mineral water and bio-fuels," Shivsagar Paper & Chemcials Managing Director V Jagdish said.
As part of the understanding, SASF-IDBI has assigned the underlying securities through an assignment deed under Tripartise Understanding between the company, SASF-IDBI and Shivsagar Paper & Chemicals Pvt Ltd, it said.
Share of the company today closed at Rs 169.25, up 4.99 per cent on the BSE.
The company, under one time settlement with Stressed Assets Stabilization Fund of IDBI has cleared all of its dues, as it made the final tranche of payment on August 10, Bio Green Industries said in a filing to the Bombay Stock Exchange.
The company has also successfully completed its one time settlement with State Bank of India by paying Rs 95 lakh, it added.
"The company's first priority was to become debt-free, which it has achieved and henceforth it intends to increase its production capacities and become a significant player in the areas of operations of kraft paper, duplex board, production of aqua mineral water and bio-fuels," Shivsagar Paper & Chemcials Managing Director V Jagdish said.
As part of the understanding, SASF-IDBI has assigned the underlying securities through an assignment deed under Tripartise Understanding between the company, SASF-IDBI and Shivsagar Paper & Chemicals Pvt Ltd, it said.
Share of the company today closed at Rs 169.25, up 4.99 per cent on the BSE.
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