Shares of Alps Industries touched its 52-week low of Rs 1.42, falling 5 percent intraday on October 29 after the company entered into an one-time settlement (OTS) with J&K Bank.
The outstanding dues against the company, towards various credit facilities including Term Loan principal, amounting to Rs 17.81 crore are settled under OTS which were secured by way of pari-passu charge on the fixed assets and current assets of the company, as per BSE release.
The company was unable to repay the due outstanding to the bank and settled under OTS total outstanding at a sum of Rs 6.50 crore, it added.
Further, to secure these credit facilities, the promoter directors have also executed their letters of personal guarantee in favour of the bank.
There were pending sell orders of 7,590 shares, with no buyers available.