Meanwhile, the BSE Sensex was up 205.39 points, or 1.07%, to 19,383.15.
On BSE, 33,000 shares were traded in the counter as against an average daily volume of 28,000 shares in the past two weeks.
The stock hit a high of Rs 20.50 and a low of Rs 18.95 so far during the day. The stock had hit a 52-week low of Rs 15.10 on 13 June 2013. The stock had hit a 52-week high of Rs 54.45 on 11 October 2012.
According to the report, the corporate debt restructuring (CDR) cell is set to approve the terms of the debt recast within a few days.
Report suggested that Gammon will get a 10 year loan tenure extension with a two year moratorium and an interest rate of 11.5%. As per the CDR norms the promoter will be required to bring in upfront capital of close to Rs 100 crore.
As per report, Gammon India has an exposure of Rs 14000 crore to a consortium of 14 banks led by ICICI bank. Around Rs 10000 crore of the debt is in the form of non-fund based exposure. This debt is supported by bank guarantees and letters of credit, report added.
More From This Section
Some media reports suggested that Gammon India is also working on divesting stake in subsidiaries to reduce its debt.
Gammon India is amongst the largest physical infrastructure construction companies in India.
Powered by Capital Market - Live News