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Uttam Galva offers to pay back full loan default amount

The company is in central bank’s second list of defaulting firms referred to the National Company Law Tribunal, though it hasn’t been admitted yet, the report says.
Steelmaker offers lenders an out-of-court settlement to pay back its entire default amount of Rs5200cr, Business Standard reports.

The company is in central bank’s second list of defaulting firms referred to the National Company Law Tribunal, though it hasn’t been admitted yet, the report says.

Lawyers representing Uttam Galva presented a revised offer to the NCLT on Monday, which includes bringing in a foreign investor; Uttam Galva had earlier made a one-time settlement offer of Rs2,885cr, the report says.

On Monday, the stock ended at Rs15.30 up by Rs0.65 or 4.44% from its previous closing of Rs14.65 on the BSE. The scrip opened at Rs15.30 and touched a high and low of Rs15.30 and Rs15.30 respectively.