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SBI, Canara Bank, Union Bank of consortium gives Sathavahana Ispat debt to JC Flower ARC

J C Flower ARC shall now have all the rights and privileges on the debt earlier owed by the Company to the Banks.

June 28, 2021 4:17 IST | India Infoline News Service
Sathavahana Ispat has announced that the Three (3) lender Banks (Out of Four (4) in the consortium) of the Company namely, Canara Bank (“CB”), State Bank of India (“SBI”) and Union Bank of India [(earlier Andhra Bank) (“UBI’)} [collectively hereinafter referred as “Banks”] and IFCI nonbanking financial company have assigned their debt provided to the Company to J C Flower Asset Reconstruction Company Limited ("JCFARC").

The registration of the executed Deed of Assignment is pending before the Office of the Sub-Registrar.

That said,  J C Flower ARC shall now have all the rights and privileges on the debt earlier owed by the Company to the Banks.

On Sensex, Sathavahana finished at Rs3.10 per piece flat compared to the previous closing.

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