Punj Alkalies O.T.S. with Financial Institutions and Banks

Punjab Alkalies & Chemicals Ltd has informed BSE that the Corporate Debt Restructuring (CDR) Empowered Group has approved the Proposal of the Company for One Time Settlement (O.T.S.) of the outstanding Term Loans and Non Convertible Debentures and Sanctioned Working Capital Facilities as on April 01, 2012, on 100% principal basis with a cut-off date of November 15, 2012. In terms of the same, the Company had to make payment of (a) Upfront Payment of 35% of the O.T.S. Amount as first tranche, 10% of the balance 65% of O.T.S. Amount as second tranche by September 30, 2014, and the remaining 90% of the balance 65% of O.T.S. Amount as third tranche by April 01, 2015. and (b) interest from July 01, 2012 to September 30, 2012 on the entire outstanding amount and interest from October 01, 2012 to the date of payment of first tranche on 35% of O.T.S. Amount alongwith the payment of first tranche and interest from October 01, 2012 to the date of payment of first tranche on balance 65% of O.T.S. Amount by October 31, 2013. No interest is chargeable on the balance 65% of O.T.S. Amount from the date of payment of first tranche. The CDR Empowered Group has also stipulated some other terms and conditions in respect of the said O.T.S. Accordingly, the Company has made the payment of the first tranche of the O.T.S. Amount by December 29, 2012 and the interest payable therewith by December 31, 2012.Source : BSE

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