Ramky Infra shares hit upper circuit, surge over 24% in three straight sessions
The stock hit the 20 per cent upper circuit intraday on huge volume of 2.62 lakh shares against a two-week average of 9,000 shares.
By ET Online |
MUMBAI: Ramky Infrastructure shares ended the day 5.95points or 19.97 per cent up at 35.75 after it rallied over 24 per cent in three consecutive sessions as debt restructuring and assets sale reports boosted sentiment.
It hit the 20 per cent upper circuit intraday on huge volume of 2.62 lakh shares against a two-week average of 9,000 shares.
The company executed the restructuring debt documents with six lenders comprising State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI, ICICI Bank and Axis Bank. The other three lenders Yes Bank, Kotak Mahindra Bank and Standard Chartered Bank didn’t participate in the restructure agreement.
The stock also surged on media reports that the company is in discussion to sell four of its road assets, including Ramky Eslamex, Sehore Kosmi Tollways, Hyderabad Outer Ring Road and NAM Expressway for Rs 1,000 crore. The company is also planning to sell a 1,200-acre land parcel on the outskirts of Hyderabad.
The asset sale forms part of the conditions for restructuring Ramky’s debt under Joint Lenders Forum (JLF), the news reports said.
The National Stock Exchange has sought clarification from the company with respect to the news item. The response from the company is awaited.
It hit the 20 per cent upper circuit intraday on huge volume of 2.62 lakh shares against a two-week average of 9,000 shares.
The company executed the restructuring debt documents with six lenders comprising State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI, ICICI Bank and Axis Bank. The other three lenders Yes Bank, Kotak Mahindra Bank and Standard Chartered Bank didn’t participate in the restructure agreement.
The stock also surged on media reports that the company is in discussion to sell four of its road assets, including Ramky Eslamex, Sehore Kosmi Tollways, Hyderabad Outer Ring Road and NAM Expressway for Rs 1,000 crore. The company is also planning to sell a 1,200-acre land parcel on the outskirts of Hyderabad.
The asset sale forms part of the conditions for restructuring Ramky’s debt under Joint Lenders Forum (JLF), the news reports said.
The National Stock Exchange has sought clarification from the company with respect to the news item. The response from the company is awaited.
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