M3M reduced debt by more than Rs 400 billion in the January-March quarter.
The group had previously targeted to pay Rs 20 billion by March 2021, but due to the rapid collection of accounts receivable, the group will be able to pay prepaid to existing inventory financing facilities by December 2021. It's done. Gurgaon-based real estate developer M3M Group repaid 418 Million. January-March quarter debt for the 2020-2021 fiscal year due to repayment of loans from banks and other financial institutions. The company said The current balance of the group's loans is down to around Rs 1,280 crore, excluding acquisition financing expected during the quarter, said Pankaj Bansal, a director of the group. Bansal said that the Indian bank's loans worth 51 million rupees were paid in full during the March quarter. He said that the company plans to withdraw its existing debt by March 2022. Bansal said Indian Bank's Rs 5.1 billion loan was fully repaid in the March quarter. "M3M has reduced SBI's lending by Rs 10.4 billion, PNB Rs. 5.3 billion, ICI...