Hindustan Construction Company (HCC) is trading higher by 4% at Rs 20.25, on reports that the bankers have agreed to give an additional loan of Rs 1,500 crore to revive the company, on condition that the key promoters infuse Rs 302-crore capital and give a personal guarantee.
“The corporate debt restructuring (CDR) cell will meet on today to give a final contour to the debt recast package of HCC. The lenders will provide additional working capital of Rs 500 crore and sanction additional non-fund based limit of Rs 1,000 crore,” reports suggest.
The stock opened at Rs 20.40 and hit a high of Rs 20.80 on the National Stock Exchange. A combined 1.59 million shares have already changed hands on the counter in morning trades, as against an average of less than four million shares that were traded daily in past two weeks.