Educomp Solutions has soared 5% to Rs 197 on receiving a sanction of Rs 410 crore towards buy out of its receivables from one of the leading public sector banks.
“This validates the acceptance of our securitisation program at reduced recourse as well as high credit of school receivables. The company is also expecting sanctions from other banks towards the securitisation program in due course. The sanction comes at a limited recourse of 20%,” the company engaged in education business said in a filing to the stock exchanges.
The stock opened at Rs 189 and hit a high of Rs 198 after the announcement on the Bombay Stock Exchange (BSE). A combined volume of 1.35 million shares have changed hands on the counter till 1130 hours on both the exchanges.
