The Central Bank of India on Wednesday said that its outstanding exposure to the GO First Airlines, which has filed for resolution under IBC, was only 0.91 per cent of the total advances as of end-March 2023. The company has serviced interest charged upto April 30, 2023.
The bank has made contingency provisions of more than Rs 1,500 crore in the books to strengthen the balance sheet, the public sector lender said in a late night filing with BSE. However, it did not clarify if the contingency provisions were for Go First Airlines exposure. Its stock closed 5.13 per cent down at Rs 28.65 per share on the BSE.
The outstanding exposure to the airline was Rs 1,305 crore as of end March 2023. There is also an additional amount of Rs 682 crore sanctioned under the Emergency line of credit guaranteed by Government of India.
Besides the Central Bank of India, lenders like Bank of Baroda and IDBI Bank also have exposure to Wadia group entity.
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