Prakash Industries rose 5.96% to Rs 157.30 at 15:07 IST on BSE after the company said it received approval from the board of directors for outstanding payment to foreign currency convertible bond holders.
The announcement was made during trading hours today, 18 December 2017.Meanwhile, the S&P BSE Sensex was up 177.89 points, or 0.53% to 33,640.86.
On the BSE, 10.35 lakh shares were traded in the counter so far, compared with average daily volumes of 3.38 lakh shares in the past two weeks. The stock had hit a high of Rs 163.25 so far during the day, which is also 52-week high for the counter. The stock had hit a low of Rs 140.30 so far during the day. The stock hit a 52-week low of Rs 42.10 on 22 December 2016.
Prakash Industries said its board of directors have approved payment in respect of outstanding obligations of the company on $17.85 million cash consideration due on the 5.25% April 2015 foreign currency convertible bonds (FCCBs) as per agreed terms with FCCB holder(s). The payment will be made by the company on or before 31 March 2018.
In a separate announcement during trading hours today, 18 December 2017, Prakash Industries said that an extra ordinary general meeting (EGM) of the company was held on 16 December 2017 and shareholders of the company approved issue of 91.07 lakh convertible equity warrants on preferential basis to promoters and non-promoters.
Net profit of Prakash Industries rose 352.8% to Rs 65.83 crore on 29.2% rise in net sales to Rs 647.92 crore in Q2 September 2017 over Q2 September 2016.
Also Read
Prakash Industries is one of the largest integrated steel manufacturers in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content