Shriram EPC rose 16.84% to Rs 33.30 at 11:55 IST on BSE on reports the corporate debt restructuring cell has approved a Rs 2530 crore debt recast proposal of the company.
Meanwhile, the BSE Sensex was up 108.10 points, or 0.41%, to 26,550.91.
On BSE, so far 1.83 lakh shares were traded in the counter, compared with an average volume of 16,883 shares in the past one quarter.
The stock hit a high of Rs 34.20 and a low of Rs 31.45 so far during the day. The stock hit a 52-week high of Rs 43 on 27 May 2014. The stock hit a record low of Rs 24.80 on 3 March 2014.
The stock had underperformed the market over the past one month till 26 August 2014, falling 9.95% compared with 1.21% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 31.90% as against Sensex's 6.98% rise.
The small-cap company has an equity capital of Rs 44.36 crore. Face value per share is Rs 10.
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Under the package offered, Shriram EPC will get 10 years to repay the loan and has been provided a 2-year interest moratorium by banks, media reports suggested.
According to reports, Shriram EPC has also sought additional funding from the banks.
Shriram EPC reported net loss of Rs 55.71 crore in Q1 June 2014 as against net loss of Rs 265.81 crore in Q1 June 2013. Net sales declined 34.65% to Rs 138.75 crore in Q1 June 2014 over Q1 June 2013.
Shriram EPC offers design, engineering, procurement, construction and project management services for power plants.
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