The State Trading Corporation of India Limited has informed the Exchange regarding Board meeting held on Jun 13, 2025.
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STC's Board, at its meeting on June 13, 2025, approved an amended One-Time Settlement proposal with its six-member bank consortium (Canara Bank, Union Bank of India, Indian Bank, Indian Overseas Bank, EXIM Bank, and Bank of Baroda). The original dues crystallised at Rs 1,906.24 crore as on December 31, 2018 (principal Rs 1,697.75 cr + interest Rs 208.49 cr). STC has already paid Rs 1,100 crore to banks (Rs 900 cr in March 2019 and Rs 200 cr in May 2019). Under the fresh proposal, STC will pay a further Rs 200 crore in one lump sum to close the OTS, after which the banks will withdraw their cases filed in the Debt Recovery Tribunal (DRT) and Court. All six lender banks have already sanctioned the amended OTS proposal.
Closure of the long-pending OTS will remove the legal overhang from DRT proceedings and help clean up STC's balance sheet, which is positive for shareholders. However, the additional Rs 200 crore outflow will be a meaningful cash burden for the company.