Srei Infra rises on filing bankruptcy petitions

NEW DELHI: Shares of Srei Infratructure Finance advanced on Wednesday after the company filed bankruptcy petitions against three of four companies that held and sold Viom Networks shares on its behalf.

Following the development, the stock climbed 1.62 per cent to end the day at Rs 113.05 on BSE. It opened at Rs 114.40 and touched an intraday high and low of Rs 117 and Rs 111.50 respectively.

According to reports, the applications for insolvency against Right Tower, Resurgent Infratel and Confident Solar came up for hearing on Monday and were admitted by NCLT as legitimate cases. The cases will be heard on October 24, when these companies and Srei Infrastructure Finance will need to present a resolution plan.

The company held 11 per cent of Viom directly while the remaining 7 per cent was held through the four entities. These four have an outstanding debt higher than Rs 500 crore with accumulated interest, ET reported.

The scrip touched its fresh 52-week high of Rs 137.70 on July 21, 2017 and its 52-week low of Rs 68.95 on November 22, 2016.