Yash Papers shares surge 15% on exit from CDR mechanism

Moneycontrol Bureau

Yash Papers shares spiked nearly 15 percent intraday Friday on exit from corporate debt restructuring mechanism.

The company has received approval from the Corporate Debt Restructuring (CDR) Cell, Mumbai on October 10 for successful exit from CDR mechanism.

CDR Empowered Group in its minutes, on September 27, said the proposal for successful exit of Yash Papers from CDR mechanism after payment of recompense as per review note with 25 percent waiver in right of recompense payable stands approved.

It further said State Bank of India will reverse the penal interest charged to the company for not perfecting security charge.

At 13:49 hours IST, the stock was quoting at Rs 24.95, up Rs 2.40, or 10.64 percent amid high volumes on the BSE.Posted by Sunil Shankar Matkar