NEW DELHI: Drug firm Panacea Biotec on Tuesday said SBI-led consortium of lenders has approved a one-time settlement plan to clear outstanding dues. "All consortium lenders have approved the bilateral one-time settlement (OTS) at 65 per cent of their outstanding debts," Panacea Biotec said in a filing to the BSE. On Monday, India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its associates had announced an investment of up to ₹992 crore in Panacea Biotec. "The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the company," India RF and Panacea Biotec had said in a joint statement. Shares of Panacea Biotec Tuesday closed at ₹200.45 per scrip on the BSE, up 10.65 per cent from its previous close.

Source: Mint April 09, 2019 13:18 UTC