SBEC Sugar was locked in 10% upper circuit at Rs 43.14 after the company announced that it has repaid its entire loan of Rs 201 crore along with interest thereon taken from the U.P. Co-operative Bank.
The mortgage on the asset & immovable properties of the Company along with the second charge on the immovable properties on the asset of SBEC Bioenergy (subsidiary of the company) with respect to said loan is released by the bank as a result of said loan closure, SBEC Sugar said in a statement.
SBEC Sugar is a sugar manufacturer and is promoted by Modi Group and SBEC Systems, UK.
The company has reported a net loss of Rs 2.19 crore in the quarter ended December 2023 as against net loss of Rs 9.64 crore during the previous quarter ended December 2022. Sales declined 4.87% to Rs 144.10 crore in Q3 FY24 over Q3 FY23.
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