KARACHI: Azgard Nine Limited (ANL) has handed over its holdings in Agritech Limited worth Rs3.50 billion to the National Bank of Pakistan (NBP) to pay long-term loans, according to sources on Thursday.
ANL handed over 100 million shares (Rs35 per share) of Agritech Limited to the NBP against its outstanding dues, they said, adding, thus, NML paid a total of Rs3.50 billion to the bank.
“The deal was executed between ANL and NBP on Wednesday, Oct 31,” said sources, adding that the documentation was yet to be finalised.
ANL transferred the holdings at the same price at which it had acquired these shares in the past, ie, Rs35 per share, they said.
Sources said that ANL and NBP were negotiating the share price of Agritech for the last several months.