Educomp Solutions jumped 5.11% to Rs 24.70 at 10:58 IST on BSE after the company said the corporate debt restructuring empowered group has approved the firm's proposed debt restructuring scheme.
The company made the announcement during trading hours today, 26 March 2014.
Meanwhile, the BSE Sensex was up 68.89 points, or 0.31%, to 22,124.10.
On BSE, so far 2.56 lakh shares were traded in the counter, compared with an average volume of 91,803 shares in the past one quarter.
The stock hit a high of Rs 25.30 and a low of Rs 23.50 so far during the day. The stock hit a 52-week high of Rs 75.40 on 9 May 2013. The stock hit a record low of Rs 17.50 on 29 August 2013.
The stock had underperformed the market over the past one month till 25 March 2014, sliding 4.08% compared with the Sensex's 5.77% rise. The scrip had also underperformed the market in past one quarter, falling 0.42% as against Sensex's 4.86% rise.
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The small-cap company has an equity capital of Rs 24.49 crore. Face value per share is Rs 2.
Educomp Solutions' board on 27 June 2013 had approved the company to refer to corporate debt restructuring (CDR) cell for restructuring its debts.
The request for restructuring its debts outstanding on reference date (8 July 2013), comprising working capital debt of Rs 399.04 crore and long term debt of Rs 83.05 crore with CDR lenders, has been approved by CDR empowered group vide letter of approval dated 19 March 2014. The restructuring package agreed with CDR lenders (led by State Bank of Patiala) envisages extended repayment tenure of 10 years including moratorium period of 2.5 years from cut off date (1 April 2013) and funding of interest for a period of 2 years from cut off date, the company said.
On a consolidated basis, Educomp Solutions reported a net loss of Rs 86.02 crore in Q3 December 2013 compared with net loss of Rs 6.57 crore in Q3 December 2012. Net sales fell 37.1% to Rs 155.33 crore in Q3 December 2013 over Q3 December 2012.
Educomp is the largest education company in India. The company has 27 offices worldwide including an office in Canada, two in Singapore, three in the United States, and 21 in India. Educomp reaches out to over 6.7 million students across 14,561 private schools, over 5.9 million students across 10771 government schools. It also runs over 209 pre-schools, 51 brick and mortar K12 schools, six colleges, one higher education campus, 94 test preparation centers, and have 5.5 million users of our online learning properties.
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