NR Agarwal Industries: Bank of Baroda lowers interest rate on term loan for the company

In an interview with CNBC-TV18, RN Agarwal, Chairman & MD of NR Agarwal Industries, spoke about the latest happenings in his company and sector.

NR Agarwal Industries is in focus after promoters release entire pledge on shareholding. Recently Bank of Baroda (BOB) also lowered interest rate on term loan and cash credit for the company.

Talking interest rate on term loan, he said, “We have been doing exceptionally well. In the last year we performed well, this year also has been good for us. We had borrowed some from Bank of Baroda, so our shares were pledged. But now the entire shares of promoters are being released and that is the good news for the company and for the investor.”

“Previously, my borrowing rate was 12.25 percent and now it has been reduced to 11 percent, so there is a saving of 125 basis points which is substantial.” He further added.