Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 One-Time Settlement with Banks
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STC's Board, at its meeting on June 13, 2025, approved an amended One-Time Settlement (OTS) with a six-bank consortium (Canara Bank, Union Bank, Indian Bank, Indian Overseas Bank, EXIM Bank, Bank of Baroda). The original crystallized debt of Rs 1,906.24 crore (as on Dec 31, 2018) has already seen Rs 1,100 crore paid in 2019. Under the revised plan, STC will now pay an additional Rs 200 crore in one go to fully conclude the settlement, after which banks will withdraw the pending DRT/court case. All six consortium banks have already sanctioned the OTS proposal. The next DRT hearing is scheduled for July 15, 2025.
This is a positive development for shareholders as it brings closure to a long-pending debt overhang spanning over six years, removes ongoing litigation risk, and could significantly clean up STC's balance sheet once the final Rs 200 crore payment is made and the case is withdrawn.