Moneycontrol Bureau
Shares of Educomp Solutions gained as much as 8.8 percent intraday Friday as the education software services provider will consider restructuring options under debt recast plan next week.
"The board of directors of the company, on January 13, will consider and approve to issue equity shares of the company, as per CDR scheme of the company, in accordance with SEBI regulations," the company said in its filing the exchange.
Educomp will also consider restructuring options pursuant to the CDR scheme, it added.
As per the corporate debt restructuring scheme, the promoter, Shantanu Prakash (on November 17, 2014) already infused, till date an amount of Rs 30,46,50,000 as promoter contribution, in the form of 0 percent unsecured loan. "The said loan, on the later date, will be discharged by the company by issuance of equity or equity related instruments or otherwise, in terms of CDR scheme of the company," it said.
At 09:49 hours IST, the stock was quoting at Rs 28.05, up Rs 1.45, or 5.45 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
