Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we may kindly inform you that the Company has received an intimation from M/s. SRM ....
Awaiting price reaction for this filing.
SRM Energy Limited has informed BSE that its group company, SRM Energy Tamilnadu Private Limited, has written off the full outstanding loan of Rs. 2,23,35,000 (approximately Rs. 2.23 crore) that was earlier advanced to SRM Energy. As a result of this write-off, SRM Energy's liability of Rs. 2.23 crore stands extinguished in its books of accounts and will be treated in line with applicable accounting standards. The disclosure was made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements, 2015.
This is a positive development for shareholders as SRM Energy's debt burden reduces by Rs. 2.23 crore, which may translate into a one-time non-cash gain in its financial statements and improve its balance sheet position.