Kesar Enterprises was locked in a 20 percent upper circuit on March 31, a day after the company's board approved a one-time settlement with UCO Bank.
The board of directors of Kesar Enterprises on March 30 approved and accepted a one-time settlement (OTS) sanctioned by UCO Bank, the company said in a release to the media.
The loan accounts of the company were classified as non-performing assets by the bank following the non-payment due to financial problems being faced by the company. The company and the bank were in discussion for a settlement, Kesar Enterprises said.
Following the sanction to OTS by the bank and its acceptance by the board, total liability of the company towards its direct debt liability as well as liability arising out of the invocation of corporate guarantee extended by the company would get settled.
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The payments should be completed by the company within the timeframe provided in the sanction letter issued by the bank, it added.
The share touched a 52-week high of Rs 122.35 on April 22, 2022 and a 52-week low of Rs 50 on February 28, 2023.
It is trading 45.35 percent below its 52-week high and 33.72 percent above its 52-week low.
At 12.49 pm, Kesar Enterprises was quoting at Rs 66.86, up Rs 11.14, or 19.99 percent. There were pending buy orders of 3,597 shares, with no sellers available.
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