Simbhaoli Sugars rallies 16% after co clarifies on loan repayment
ETMarkets.com|
Feb 27, 2018, 11.16 AM IST
NEW DELHI: Simbhaoli Sugars surged nearly 16 per cent on Tuesday after the company said it is committed to clear all its outstanding dues with state-owned Oriental Bank of Commerce (OBC) in due course in joint consultation with other lenders.
In an clarification to the BSE, the company said: "The company and its management are in process for submitting requisite clarifications and details to the investigating agencies and are fully committed to cooperate with the investigation."
The news gave the stock a lift, which rose 15.84 per cent to hit a high of Rs 16.45 on the BSE.
The company maintained that it had taken loans from banks for which it has been regular in repayments before the periodical adverse cycles hit the sugar industry.
"Recently, OBC, one of the bank in its consortium, has filed a Fraud Monitoring Report against the company and referred it to the investigation agencies. In this regard, the management is committed to clear all of its outstanding dues," it said.
In an clarification to the BSE, the company said: "The company and its management are in process for submitting requisite clarifications and details to the investigating agencies and are fully committed to cooperate with the investigation."
The news gave the stock a lift, which rose 15.84 per cent to hit a high of Rs 16.45 on the BSE.
The company maintained that it had taken loans from banks for which it has been regular in repayments before the periodical adverse cycles hit the sugar industry.
"Recently, OBC, one of the bank in its consortium, has filed a Fraud Monitoring Report against the company and referred it to the investigation agencies. In this regard, the management is committed to clear all of its outstanding dues," it said.
