Lanco Infratech up 10%, to get tax refund post SC order
Lanco Infratech said it got a favourable order from the Supreme Court on October 16 for its subsidiary Lanco Kondapalli Power (LKPL).
Shares of Lanco Infratech gained 9.8 percent intraday Monday as the power company will get income tax refund post Supreme Court's favourable order.
Lanco Infratech said it got a favourable order from the Supreme Court on October 16 for its subsidiary Lanco Kondapalli Power (LKPL). The court has dismissed appeals filed by Andhra Pradesh Power Coordination Committee & AP Discoms and upheld orders passed by APTEL & APERC in favour of LKPL.
As a result of this favourable order, LKPL is entitled for reimbursement of income tax of about Rs 175 crore paid for financial year 2001-2012. It is along interest till the date of payment after adjusting adhoc amount of Rs 70 crore already received.
Meanwhile, Lanco (on October 12) pre-closed its outstanding term loan of Rs 205.42 crore with Yes Bank by obtaining lower interest rate term loan from another bank. Term loan was taken for a couple of solar power projects. Other term loans of Rs 61.04 crore from Yes Bank for other solar power projects are continuing, it said.
Foreign institutional investors have reduced their stake in the company to 1.32 percent at September-end from 1.52 percent in June quarter and 1.76 percent in March quarter. On the contrary, domestic institutional investors have increased equity shareholding to 4.84 percent from 3.99 percent and 3.9 percent during the same period.
At 11:32 hours IST, the scrip of Lanco Infratech was quoting at Rs 5.12, up Rs 0.23, or 4.70 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar