Visa Steel surged 16.34% to Rs 16.80 at 09:50 IST on BSE, after lenders of the company decided to invoke Strategic Debt Restructuring pursuant to RBI Circular dated 8 June 2015.
The announcement was made before market hours today, 23 September 2015.
Meanwhile, the BSE Sensex was down 151.12 points, or 0.59% at 25,500.72
On BSE, so far 61,903 shares were traded in the counter as against an average daily volume of 3,065 shares in the past two weeks.
The stock hit a high of Rs 17.30 and a low of Rs 14.52 so far during the day. The stock had hit a 52-week high of Rs 25 on 9 April 2015. The stock hit a 52-week low of Rs 13 on 11 September 2015.
The small-cap company has an equity capital of Rs 110 crore. Face value per share is Rs 10.
Visa Steel said that the lenders of the company in its Joint Lenders Forum (JLF) meeting held yesterday, 22 September 2015 have decided to invoke Strategic Debt Restructuring (SDR) pursuant to RBI Circular dated 8 June 2015. The company is in discussion with lenders for preparing a conversion package to enable inviting a strategic investor in its special steel business, Visa Steel said.
On a consolidated basis, Visa Steel reported net loss of Rs 125.47 crore in Q1 June 2015, higher than net loss of Rs 29.4 crore in Q1 June 2014. Net sales rose 3.9% to Rs 355.22 crore in Q1 June 2015 over Q1 June 2014.
Visa Steel is operating a 0.5 million tonne per annum (TPA) integrated special steel plant, 180,000 TPA ferro chrome plant and 75 megawatt (MW) captive power plant at Kalinganagar in Odisha. The company is also progressing towards establishing a steel plant at Raigarh in Chhattisgarh and plans to set up a steel plant and manganese alloy plant in Madhya Pradesh.
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