ICICI Bank on Tuesday said it is taking “due steps” to protect its interests in the troubled Singapore oil-trading company Hin Leong Trading Pte Ltd.
“Bank, in the normal course of its business, has exposure to the borrower group in question, is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures,” the private sector lender said in a regulatory filing.
The bank was asked for a clarification on the issue by stock exchanges reports of its $100 million exposure to HLT. It is also understood to have issued notices to impound two vessels operated by Ocean Tankers, which is a unit of HLT.
The bank’s scrip was down over 7% in intra day trade on BSE.