Kamat Hotels (India)
has received an approval from Canara Bank approving a One Time Settlement proposal (OTS), the company said in a filing to the bourses on Tuesday.
The company cites that the reason for opting OTS was the cash flow mismatch faced by the company due to which the debt has become a Non- Performing Asset (NPA). Entire repayment under OTS will be completed in two instalments which shall be paid latest by the first week of October 2017, the statement added.
The stock of Kamat Hotels was gaining grounds on the bourses after this updates. The stock moved higher to touch its intraday high of Rs 68.6 per share, up by 9.14% during Tuesday's trading session.
Kamat Hotels (India) Limited is engaged in the business of hospitality and allied businesses. The company principally operates hotels and restaurants. The company's activities include operation of hotels owned by the company, management of hotels owned by other parties under contract, catering services and timeshare.
Meanwhile, Nifty was trading at 9,832 level, down by 76 points while Sensex was trading at 31,511 level, down by 239 points as of 1135 hours.