The rise in the Jyoti Structures share price came after the company announced that its Board of Directors has approved the fund raise by way of equity shares for up to Rs 500 cr via rights issue
In Q2FY25, Jyoti Structures reported a 36.9 per cent decline in consolidated net profit to Rs 7.06 crore as compared to Rs 11.19 crore a year ago
The total debt of Jyoti Structures involved in engineering, procurement and construction is to the tune of Rs 7010.55 crore
Jyoti Structures is one of the first twelve companies that faced the insolvency proceedings after the law was enacted
Plan submitted by Netmagic's Sanghi, others should be considered afresh by NCLT Mumbai, says NCLAT
According to the IBC regulations, any resolution plan needs to be approved by a minimum of 66 per cent of the lenders
The company owes lenders around Rs 70 billion, and was part of the Reserve Bank of India's first list of stressed companies to be taken for insolvency proceedings
The Mumbai Bench of the NCLT will hear the matter on April 18
Jyoti Structures is in line to be one of the first large corporate debtors to be made insolvent
According to the IBC, a solution has to be reached by March 31
Jyoti Structures failed to repay dues worth Rs 7,000 crore to Indian banks
If lenders agree to the Amin group's proposal it may mean taking a cut of Rs 3,000-3,500 crore