BS: A2Z Infra Engineering rises after one-time settlement with DBS

21 June 2019: A2Z Infra Engineering rose 1.92% to Rs 13.30 at 15:12 IST on BSE after the company announced a full cash one-time settlement with DBS Bank.

The announcement was made during market hours today, 21 June 2019.

Meanwhile, S&P BSE Sensex was down 426.29 points or 1.08% at 39,175.34.

On BSE, 41,000 shares were traded in A2Z Infra Engineering counter, compared to a 2-week average of 28,000 shares. The share price hit an intraday high of Rs 14.25 and an intraday low of Rs 12.90. It hit a 52-week high of Rs 25.35 on 27 July 2018 and a 52-week low of Rs 8.19 on 4 October 2018.

A2Z Infra Engineering availed financial assistance from DBS Bank and the outstanding was Rs 122.45 crore (including interest) as on 30 April 2019. A2Z Infra was in discussion with DBS for one time settlement (OTS), which was later accepted.

The board of directors of company approved a deferred OTS consideration of Rs 30 crore. The company has paid Rs 2 crore and balance of Rs 28 crore will be repaid by the company in a progressive manner up to 31 March 2021.

With this settlement, the total outstanding debt of the company shall stand reduced by Rs 122.46 crore.

A2Z Infra Engineering reported a net profit of Rs 6.43 crore in Q4 March 2019 compared with a net loss of Rs 34.97 crore in Q4 March 2018. Net sales rose 109.9% to Rs 181.71 crore in Q4 March 2019 over Q4 March 2018.

A2Z Infra Engineering provides integrated design, testing, installation, construction and commissioning services on a turn-key basis to its clients.

The Business Standard reported

Categories: General News, India Bankruptcy

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