iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

BOB made provision of Rs 500 crore against GoFirst loans

17 May 2023 , 12:28 PM

On Tuesday, Sanjiv Chadha, Managing Director and Chief Executive Officer (MD and CEO) of Bank of Baroda said that the company has made a provision of Rs 500 crore to cover any potential hit if loans to Go Airlines (India) Ltd turn sour.

“We have Rs 1,000 crore collateral on tangible securities and Rs 500 crore as provision in this quarter,” Chadha said after the state-owned lender announced its fourth-quarter results.

 As per reports, the bank has lent Rs 1430 crore to the airline company.

In the Go First bankruptcy filing, the company lists Central Bank of India Ltd, Bank of Baroda Ltd, IDBI Bank Ltd and Deutsche Bank among its financial creditors, which are owed Rs 6,521 crore ($797.38 million) in total. While the private lender, Axis Bank in its regulatory filing said that it has no exposure in the Go First airlines.

As per reports, the airline has a total liability and dues to banks, other creditors, vendors etc. – of about Rs 11,463 crore.

Related Tags

  • Bank of Baroda
  • GoFirst
  • GoFirst airlines
  • GoFirst bankruptcy
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.