A2Z Infra Engineering rises 3% on one-time settlement with lending banks
IL&FS Financial Services - Proprietary Portfolio sold 18,34,357 shares of A2Z Infra Engineering.
Moneycontrol News
Shares of A2Z Infra Engineering gained 3 percent intraday Friday on the back of one-time settlement with its lending banks.
The company's board has approved issuance of up to 8 crore equity shares to its lenders as part of one-time settlement scheme(s), envisaged to be entered into between the company and its lending banks.
The said issuance of shares to banks shall address approximately Rs 850 crore of the company's debt which represents 74 percent of the company's total debt.
It has also approved one time settlement with SICOM, a lender of the company.
On September 21, 2017 IL&FS Financial Services - Proprietary Portfolio sold 18,34,357 shares of the company at Rs 42.13 on the NSE.
The nomination & remuneration committee of the board of directors of the company has approved the allotment of 4,71,000 equity shares to the eligible employees of the company who have exercised their stock options under the A2Z Employee Stock Option Plan 2013 & A2Z Employee Stock Option Plan 2014.
The allotted shares shall rank pari-passu with the existing equity shares of the company, in all respects.
Post the said allotment, the paid up capital of the company shall be Rs 145,54,54,740 divided into 14,55,45,474 equity shares of face value of Rs 10 each.
At 09:19 hrs A2Z Infra Engineering was quoting at Rs 43.00, up Rs 0.30, or 0.70 percent on the BSE.
The share touched its 52-week high Rs 52.70 and 52-week low Rs 33.65 on 26 April, 2017 and 11 August, 2017, respectively.
Posted by Rakesh Patil
