SHH promoters deposit ₹200 crore to settle ₹648 crore dues

Bangalore-based developer SHH's promoters have deposited ₹200 crore towards a one-time settlement of ₹518 crore with lenders, offering around 80% recovery to Canara Bank on its ₹593 crore exposure. The remaining amount will be distributed among four other lenders — State Bank of India, Punjab National Bank, Indian Bank and Bank of India — which have non-fund exposure through corporate guarantees to subsidiary entities. Indore-based Kalyan Group is most likely investing in SHH to help close the deal, with lenders needing 90% approval and a court deadline of July 28.