Pratibha Industries rallies 16% as board considers preferential issue to lenders

NEW DELHI: Shares of Pratibha Industries shot up 16 per cent in trade on Thursday after the company said its board members will meet on January 4, 2017 to consider and approve allotment of preferential shares to its existing lenders under Strategic Debt Restructuring (SDR) scheme.

The company has already received approval from the members in a special resolution passed through postal ballot on November 5.

Following the announcement, the stock rose 16 per cent to hit a high of Rs 13.55 on BSE.

According to data base Capitaline, consolidated total debt of the company has jumped to Rs 2,758 crore in FY16 from Rs 2,283 crore in FY15 and mere Rs 133 crore in FY08.



Consolidated profit reported by the firm in the past three quarters has been unsteady.



The company reported net loss of Rs 71.36 crore in the September quarter, compared with a profit of Rs 11.71 crore in the corresponding quarter last year.