BS: A2Z Infra hits the roof after one-time debt settlement

15 March 2019: A2Z Infra Engineering hit an upper circuit limit of 5% at Rs 18.05 at 11:48 IST on BSE after the company said it signed full cash one time debt settlement agreement with Edelweiss Asset Reconstruction Company.

The announcement was made during trading hours today, 15 March 2019.

Meanwhile, the S&P BSE Sensex was up 206.38 points, or 0.55% to 37,961.27.

On the BSE, 51,000 shares were traded in the counter so far compared with average daily volumes of 1.31 lakh shares in the past two weeks. The stock had hit a low of Rs 16.60 in early trade. The stock hit a 52-week high of Rs 32.10 on 16 March 2018. The stock hit a 52-week low of Rs 8.19 on 4 October 2018.

A2Z Infra Engineering had availed financial assistance as term loan from ICICI Bank and ICICI Bank has assigned all the rights, title and interests in the financial assistance granted by it to the company, in favour of Edelweiss Asset Reconstruction Company (the ‘Lender’), acting in its capacity as trustee of EARC Trust SC 217 vide Assignment Agreement executed in favour of EARC on 29 June 2016. 

The outstanding of Edelweiss as on 31 March 2018 was Rs 177.69 crore (including interest) and the same is settled for a total settlement consideration of Rs 41 crore. With this settlement, the debt of the company shall stand reduced by Rs 177.69 crore. 

Net profit of A2Z Infra Engineering rose 459.80% to Rs 5.71 crore on 70.03% rise in net sales to Rs 152.09 crore in Q3 December 2018 over Q3 December 2017.

A2Z Infra Engineering is a fully integrated electrical business group in India catering to the needs of domestic and international power sector clients in building distribution & transmission infrastructure.

The Business Standard reported



Categories: General News, India Bankruptcy

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