Shriram EPC rose 12.99% to Rs 28.70 at 9:37 IST on BSE after the company said its board approved preferential issue of shares to the holding company and conversion of the working capital term loan of the lenders into equity shares.
Meanwhile, the BSE Sensex was up 87.05 points, or 0.32%, to 27,713.74.
On BSE, so far 1.65 lakh shares were traded in the counter, compared with an average volume of 10,373 shares in the past one quarter. The stock hit a high of Rs 29.60 and a low of Rs 27.50 so far during the day. The stock hit a 52-week high of Rs 39.60 on 11 August 2015. The stock hit a record low of Rs 19 on 8 June 2016. The stock had outperformed the market over the past one month till 11 July 2016, rising 7.17% compared with 3.72% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.50% as against Sensex's 10.41% rise.
The small-cap company has an equity capital of Rs 330.63 crore. Face value per share is Rs 10.
Shriram EPC said that its board approved conversion of the working capital term loan of the corporate debt restructuring (CDR) lenders into equity shares of the company to the maximum extent of Rs 1280 crore, subject to the shareholders and other regulatory approvals, at a price to be determined as per regulations. The board also approved preferential issue to the holding company, SVL, (erstwhile Shriram Industrial Holdings) of Rs 265 crore, subject to shareholders and other regulatory approvals, at a price to be determined as per regulations.
Shriram EPC reported net loss of Rs 198.28 crore in Q4 March 2016, higher than net loss of Rs 90.73 crore in Q4 March 2015. Net sales declined 9.8% to Rs 139.72 crore in Q4 March 2016 over Q4 March 2015.
Shriram EPC offers design, engineering, procurement, construction and project management services for power plants.
Powered by Capital Market - Live News
