Team News Riveting
Mumbai, April 1
Jayaswal Neco Industries have been intimated by the Bank of Maharashtra that it had assigned debt of the company to Assets Care and Reconstruction Enterprise (ACRE).
ACRE is an Asset Reconstruction Company (ARC) established under the provisions of SARFAESI Act, 2002 and is engaged in the acquisition of assets (NPAs) from Banks/FIs and their resolution as per the guidelines issued by Reserve Bank of India.
“Pursuant to the Provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that we have been intimated by Bank of Maharashtra that it has assigned its Debt of the Company to Assets Care & Reconstruction Enterprise Ltd.,” Jayaswal Neco Industries Limited said in a BSE filing today.
With this Debt assignment (together with earlier Eight Debt assignments already intimated to the Stock Exchanges), Assets Care & Reconstruction Enterprise Ltd. has acquired around 96.68 per cent of the Principal Outstanding debt of the Company, it added.
Jayaswal Neco Industries manufactures and sells iron and steel, ferrous and non ferrous castings in India. The product range includes HR and CR Sheets and coils, bars and rods apart from carbon and alloy steel. The company also in the business segment of Steel, Iron and Steel Castings.
