Arshiya exits corporate debt restructuring scheme, stock up 20%

Moneycontrol Bureau

Investors queued up for buying shares of Arshiya on Tuesday after the company exited corporate debt restructuring scheme last week. Shares are locked at 20 percent upper circuit at Rs 51.15 on the Bombay Stock Exchange and there were pending buy orders of 173,721 shares, with no sellers available.

"Arshiya received letter from Corporate Debt Restructuring Cell (CDR Cell), informing the exit of Arshiya from corporate debt restructuring scheme," says the supply chain infrastructure services provider.

In 2014, the company had received restructuring package from the CDR Cell post rising its debt burden. Promoters invested Rs 221.61 crore under CDR scheme since board approval for package in March 2014. Out of which, Rs 37.44 crore was towards contribution of conversion of warrants by promoters at Rs 145 per share, and balance amount of Rs 184.17 crore towards contribution of shares.