Tilaknagar Industries Ltd. announced that the Company has made a pre-payment of the restructured debt of Edelweiss Asset Reconstruction Company (EARC) acting as trustee of EARC Trust SC 241. Accordingly, the total Restructured debt of INR 1,762.2 million as on June 30, 2023 of EARC Trust SC 241 now stands reduced to INR Nil. Consequent to the above prepayment, the corresponding Balance debt of EARC Trust SC 241 of INR 36.2 million has been waived by EARC and accordingly the same shall be written back by the Company.

The prepayment of EARC debt has been funded through debt of INR 1,300 million from Kotak Mahindra Bank Limited and Internal Accruals of the Company. The Company has now completely repaid the Restructured debt of all the three EARC Trusts i.e EARC Trust SC 233, EARC Trust SC 241 and EARC Trust SC 269 as per the Master Restructuring Agreement (MRA) dated February 6, 2020 and stands discharged of all liabilities, dues, demands or claims in respect of the Restructured Facilities.