HCC Board approves S4A scheme and Rs 2,100 cr BG for collection of arbitral awards

India Infoline News Service | Mumbai | December 02, 2016 16:17 IST

HCC said its board has approved issuance of equity shares as well as optionally convertible debentures to lenders under the scheme for sustainable structuring of stressed assets (S4A).

Hindustan Construction Company said its board has approved issuance of equity shares as well as optionally convertible debentures to lenders under the scheme for sustainable structuring of stressed assets (S4A).

The company will convene an extraordinary general meeting (EGM) on 5 January 2017, for seeking shareholders' approval for the above.

The board has also approved Rs 2,100 crore bank guarantee (BG) limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay 75% of the arbitral award amount against margin free BG.

Stock Commentary:
Hindustan Construction Company Ltd ended at Rs 40.5, down by Rs 0.5 or 1.22% from its previous closing of Rs 41 on the BSE.

The scrip opened at Rs 41.7 and touched a high and low of Rs 42.65 and Rs 39.85 respectively. A total of 45640890(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3194.55 crore.

The BSE group 'A' stock of face value Rs 1 touched a 52 week high of Rs 41.9 on 14-Sep-2016 and a 52 week low of Rs 16.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 41 and Rs 32.05 respectively.

The promoters holding in the company stood at 36.07 % while Institutions and Non-Institutions held 24.93 % and 39 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart

 

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