Lanco Infratech is exploring out-of-court settlement with Australia-based Perdaman Chemicals and Fertilisers, reports CNBC-TV18 quoting sources. It is learnt that Lanco may seek to settle suit before July 2013.
Perdaman last year had filed a AUD 3.5 billion lawsuit against Lanco in Australia, alleging non-compliance with fuel supply pact by Griffin Coal for its upcoming urea plant in Western Australia. Lanco had acquired Griffin Coal for about AUD 730 million in 2011.
A syndicate of lenders led by ICICI Bank financed the acquisition.
Lanco Infratech jumped 2.2% at Rs 12.72 on the BSE.
Rejoinder: In a mail send to moneycontrol.com, Lanco Infratech said, "We are not interested in any kind of out of court settlement and instead working for an early trial on the matter in the court of law."
Lanco Infratech stock price
On November 26, 2015, Lanco Infratech closed at Rs 7.02, up Rs 0.63, or 9.86 percent. The 52-week high of the share was Rs 7.24 and the 52-week low was Rs 2.46.
The latest book value of the company is Rs 7.49 per share. At current value, the price-to-book value of the company was 0.94.
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