Prakash Industries has received approval from the board of directors for outstanding payment to FCCB holders.

The company in a filing stated, “The board of directors has passed resolution for approval of payment in respect of outstanding obligations of the company on USD 17.85 million cash consideration due on 5.25% April, 2015 FCCBs as per agreed terms with FCCB holders.”

Further the company stated that, it will be making the payment on or before March 31,2018.

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