Kirloskar Electric settles outstanding dues with Union Bank of India

Kirloskar Electric Company Ltd has informed that in line with the company's discussion with Union Bank of India for the settlement of outstanding dues of NPA loan account, the company has entered into a one-time settlement (OTS) of loan account with the aforesaid bank.

The Company has obtained the No Due Certificate (NOC) from the aforesaid bank on payment of full and final settlement amount.

"The Company had availed the loan which has to be repaid against the monetization of a specific property. This property could not be monetized on time and hence the settlement was carried out as per mutual discussions between the Company and the Bank to provide long term sustainability to the Company's operations", said Kirloskar Electric in a filing.

At around 12:16 PM, Kirloskar Electric Company Ltd is currently trading at Rs43.45 per share down by Rs2.25 or 4.92% from its previous closing of Rs45.70 per share on the BSE.

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