JP Morgan asks SYMC to repay loan
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Last Updated: Dec 22, 2020, 10:34 PM IST
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Following the Korean automaker s application for rehabilitation dated December 21, JP Morgan issued a notice to the cash-strapped firm demanding the repayment of an outstanding loan amount of 40 billion KRW (around Rs 268 crore with interest), M&M said in a regulatory filing.
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NEW DELHI: JP Morgan has sought repayment of loan worth 40 billion Korean wons from Mahindra & Mahindra s troubled foreign arm SsangYong Motor Company (SYMC) but the South Korean automaker has expressed its inability to pay the amount now.
Following the Korean automaker s application for rehabilitation dated December 21, JP Morgan issued a notice to the cash-strapped firm demanding the repayment of an outstanding loan amount of 40 billion KRW (around Rs 268 crore with interest), M&M said in a regulatory filing.
Post transaction, LIC s stake in M&M reduced to 8.430% from 10.436% earlier.
Meanwhile, JP Morgan has issued a notice to M&M s SsangYong Motor Company (SYMC), a material subsidiary, demanding the repayment of outstanding loan amount of 40 billion KRW (Korean Won) (approximately Rs 268 crore) along with interest. SYMC has intimated to the Korean Stock Exchange that it could not repay the loan amount of 40 billion KRW to JP Morgan on account of SYMC s application for rehabilitation.
Last week, SYMC informed that it had outstanding loans aggregating of 100 billion Korean Won (KRW) (approximately Rs 680 crore). Among the outstanding loans, about 60 billion KRW (approx. Rs 408 crore) is owed to JP Morgan Chase Bank, N.A., Seoul Branch, 10 billion KRW (approximately Rs 68 crore) from BNP Paribas, Seoul Branch and about 30 billion KRW (approx. Rs 204 crore) from Bank of America N.S., Seoul Branch.
Barometers were trading near the day s high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 263.73 points or 0.57% at 46,270.42. The Nifty 50 index gained 75.40 points or 0.56% at 13,541.70.
The broader market rallied. The S&P BSE Mid-Cap index advanced 1.42%. The S&P BSE Small-Cap index rallied 2.06%.
Buyers outpaced sellers. On the BSE, 2,112 shares rose and 681 shares fell. A total of 161 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December 2020, provisional data showed.
JP Morgan demands loan repayment worth Rs 268 crore from Mahindra s SsangYong
Following the Korean automaker s application for rehabilitation dated December 21, JP Morgan issued a notice to the cash-strapped firm demanding the repayment of an outstanding loan amount of around Rs 268 crore with interest
PTI | December 23, 2020 | Updated 10:13 IST
JP Morgan has sought repayment of loan worth 40 billion Korean wons from Mahindra & Mahindra s troubled foreign arm SsangYong Motor Company (SYMC) but the South Korean automaker has expressed its inability to pay the amount now.
Following the Korean automaker s application for rehabilitation dated December 21, JP Morgan issued a notice to the cash-strapped firm demanding the repayment of an outstanding loan amount of 40 billion KRW (around Rs 268 crore with interest), M&M said in a regulatory filing.
Key domestic indices ended with strong gains on Wednesday, supported by rally in IT stocks. The Nifty closed above the crucial 13,600 mark. All the sectoral indices on the NSE ended in the green. Positive global cues boosted sentiment.
The BSE Sensex rallied 437.49 points or 0.95% to 46,444.18. The Nifty 50 index added 134.80 points or 1% to 13,601.10.
Hindustan Unilever (up 2.67%), ITC (up 2.14%) and Reliance Industries (up 0.37%) advanced.
The broader market rallied. The BSE Mid-Cap index rose 2.40% and the BSE Small-Cap index gained 2.65%.
Buyers outpaced sellers. On the BSE, 2,296 shares rose and 650 shares fell. A total of 151 shares were unchanged.
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Total COVID-19 confirmed cases worldwide stood at 7,80,18,199 with 17,17,124 deaths. India reported 2,89,240 active cases of COVID-19 infection and 1,46,444 deaths while 96,63,382 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.