ICICI Bank slips 9% on $100 mn exposure to troubled Singaporean oil trader
Published On: Tuesday, April 21, 2020 | By: Team KnowMyStock
Shares of ICICI Bank slipped as much as 8.7 per cent to Rs 330 on the BSE on Tuesday after the Mumbai based bank ICICI Bank,has a $100 million or Rs 760 crore exposure to Singapore based oil trading company Hin Leon Trading Pte which has filed for bankruptcy protection in the Singapore courts. The Mumbai based bank has lent $100 million to the company out of which $75 million is secured through inventory. Hin Leong and it's sister company Ocean Tankers which owns more than 100 cargo ships have both filed for bankruptcy on Friday which will give 30 days to restructure debt. Hin Leong founded by Chinese billionaire Lim Oon Kuin has total debt of close to $4 billion which will have to be restructured.
ICICI is one of the 23 secured creditors which have lent a total of $3.64 billion to the company. Besides ICICI Bank, other lenders with exposure to HLT include HSBC, ABN Amro, DBS Bank, Societe Generale, Bank of China, among others.
Tags: ICICI Bank
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