Aban Offshore agrees to pay outstanding principal of Rs121 crore to Central Bank; Stock jumps 20%

25 Aug 2022 , 12:57 PM

Aban Offshore Limited has informed that the company has entered into a settlement agreement on August 24, 2022 with Central Bank of India, one of the financial creditors of the Company.

As per the terms of the settlement agreement, the company has agreed to pay and the Bank has agreed to accept the outstanding principal of Rs121,78,41,258/- (Rupees One Hundred and Twenty One Crore Seventy Eight Lakh Forty One Thousand Two Hundred Fifty Eight Only) within 30 days from the date of this agreement being the full and final settlement of all the credit facilities.

Upon full payment of the settlement amount in accordance with the agreement, the Bank will release the security, claim, charges, pledge or similar nature in relation to the credit facilities.

At around 12:57 PM, Aban Offshore Ltd is currently trading at Rs57.15 per share up by Rs9.5 or 19.94% from its previous closing of Rs47.65 per share on the BSE.

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