Vardhman Polytex Settles All Dues with Phoenix ARC, Triggers ₹300 Crore Write-back
Vardhman Polytex Limited has fully settled its outstanding dues with Phoenix ARC Private Limited using proceeds from Non-Convertible Debentures. This resolution cures previous defaults and is expected to trigger a write-back of approximately ₹300 Crore.
The settlement of all outstanding dues and the expected ₹300 Crore write-back are material financial events that will likely have a significant positive impact on the company's financial health and investor perception.
The company has successfully settled its outstanding dues, resolved a previous default, and expects a significant financial write-back, which are all positive developments.
Vardhman Polytex Limited has announced the full settlement of its outstanding dues with Phoenix ARC Private Limited. The repayment was financed through the proceeds from the Company's Non-Convertible Debentures (NCDs).
This settlement effectively cures the default that was previously reported quarterly to the stock exchanges. The company anticipates this repayment will trigger a write-back of approximately ₹300 Crore related to previous debt settlement liabilities.
The company has informed the National Stock Exchange of India Limited and BSE Limited about this significant development.
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Vardhman Polytex Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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