Kohinoor Foods Share Price Hits Upper Circuit After Approval Of One-Time Settlement
The share price of Kohinoor Foods Ltd. has been locked in a 20% upper circuit in the last hour of trade after the company announced that its one-time settlement proposal has been approved by the lead consortium lender.
The premium basmati rice manufacturer has had turbulence since its accounts were declared non-performing assets in June 2018. The settlement marks a crucial milestone for Kohinoor Foods.
To resolve its financial crisis, Kohinoor proposed the OTS to its consortium lenders, which includes repayment of Rs 227.45 crores along with delayed interest.
The approved OTS proposal includes:
Total Amount: Rs 227.45 crore plus delayed interest calculated at MCLR + 2% from Oct. 1, 2024.
Upfront Payment: Rs 25 crore upon sanction of the OTS.
Timeline: Rs 175 crore to be deposited by Dec. 31, 2024, with the balance paid within six months of lender approval.
Kohinoor Foods Share Price Today
The scrip has been stuck in an upper circuit of 19.98% at Rs 48.40 apiece, as of 3:07 p.m. This compares to a 0.15% decline in the NSE Nifty 50 Index.
It has risen 4.31% on a year-to-date basis. Total traded volume so far in the day stood at 23 times its 30-day average. The relative strength index was at 75.63.
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