Vardhman Polytex Limited has informed the Exchange about General Updates
VARDMNPOLY · price
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Vardhman Polytex Limited has fully repaid and settled all outstanding dues to Phoenix ARC Private Limited. The repayment was made using proceeds from Non-Convertible Debentures (NCDs) issued by the company. This settlement resolves a previous default that the company was reporting to Stock Exchanges on a quarterly basis under SEBI LODR provisions. The company expects a write-back of approximately Rs. 300 crore pertaining to previous debt settlement liabilities as a result of this payment.
Positive development for shareholders as the company has cleared its debt obligations and cured a previous default, which should improve its credit profile. The Rs. 300 crore write-back will likely boost the company's balance sheet and profitability in the reporting period.