The promoters of JK Tyre, Bengal and Assam Company LTD – a holding company of the group comprising family members –has bought back shares of the company they pledged with KKR Capital for Rs 200 crore. The promoters borrowed the money in March 2019.
The amount was borrowed for a period of four years with a lock-in period of one year. The first instalment of Rs 50 crores were returned on August 20, 2019, the remaining Rs 150 crore was returned on August 30, 2019. As on date an entire lot of shares pledged against the sum borrowed from KKR is back with the promoters, said a statement.