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25 September, 2020 02:37 IST
ICICI Bank confirms USD 100 mn exposure to troubled Singapore oil firm Hin Leong Trading
Source: IRIS | 23 Apr, 2020, 04.20PM
Rating: NAN / 5 stars.
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ICICI Bank on Tuesday confirmed it has an exposure to troubled Singapore oil firm Hin Leong Trading (HLT). The lender's outstanding loans to the company stand at USD 100 million, of which USD 75 million has been secured over inventory, according to a report by S&P Global Platts.

''We confirm the bank, in the normal course of its business, has exposure to the borrower group in question, is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its exposures,'' ICICI Bank told the exchanges.

Shares of the company gained Rs 17.6, or 5.24%, to settle  at  Rs 353.70.  The total volume of shares traded  was  1,929,217 at  the BSE (Thursday).