Lenders of basmati exporter REI Agro have agreed to file a complaint with the CBI against the company alleging cheating and misappropriation of funds.
Lenders of basmati exporter REI Agro have agreed to file a complaint with the CBI against the company alleging cheating and misappropriation of funds.
Media reports suggest that some of the lenders like Kolkata-based UCO Bank are concerned that they may have to eventually write off a substantial part of their loans. Clearing the air, Arun Kaul, Chairman at UCO Bank, said they have no plans to write off REI Agro loans at this point. The bank's exposure to REI Agro stands at Rs 800 crore, he said.
In an interview to CNBC-TV18, Kaul said the bank is looking at rate cuts as cost of funds has come down. He said though the credit growth has not been too strong till now, the bank is comfortable with current capital adequacy ratio level.
Rei Agro stock price
On March 17, 2015, at 14:10 hrs Rei Agro was quoting at Rs 0.88, down Rs 0.03, or 3.3 percent. The 52-week high of the share was Rs 6.73 and the 52-week low was Rs 0.73.
The latest book value of the company is Rs 26.62 per share. At current value, the price-to-book value of the company was 0.03.
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