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Last Updated : May 20, 2019 12:04 PM IST | Source: Moneycontrol.com

A2Z Infra Engineering locked at 10% upper circuit on OTS

Company has already made Settlement arrangements with SICOM, Standard Chartered Bank and Edelweiss Asset Reconstruction Company (loan assigned by ICICI Bank Ltd.) for their outstanding loans.

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Shares of A2Z Infra Engineering locked at 10 percent upper circuit on Monday after company made one-time settlement with SBI and other financial institutions.

There were pending buy orders of 108,145 shares, with no sellers available.

The company has entered in to one time settlement agreement (OTS) with SBI, a largest stake holder in debt vide its OTS for debt settlement of Rs 431.33 crore for a total consideration of Rs 90 crore and company paise said amount within 90 days from the date of acceptance letter.

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In addition to above settlement, one time settlements entered with HSBC Bank and Edelweiss Asset Reconstruction Company for the loan assigned by Yes Bank, have been fully paid and consummated by company in term of the respective settlement approval letter, thereby, settling debt liability to the extent of Rs 142.16 crore.

The settlement amount is Rs 57.50 crore for Edelweiss Asset and Rs 2.80 crore for HSBC Bank.

Further company has already made Settlement arrangements with SICOM, Standard Chartered Bank and Edelweiss Asset Reconstruction Company (loan assigned by ICICI Bank Ltd.) for their outstanding loans.

Company is also in discussion with IDBI Bank DBS Bank and ICICI Bank for finding a prudent resolution of their respective fund based exposure to the Company

At 11:39 hrs A2Z Infra Engineering was quoting at Rs 16.10, up Rs 1.45, or 9.90 percent on the BSE.

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First Published on May 20, 2019 12:04 pm
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