In a filing made to BSE in the trading hours of Monday, A2Z Infra reported that its board of directors has approved the One Time Settlement or OTS with SICOM limited.
As per SICOM Ltd. A2Z infra is laden with a debt of Rs 115.93 Ct. As per the One Time Settlement, the company looks forward to paying Rs 42.5 Cr.
The company stated that they had entered into a definitive settlement agreement with SICOM as on October 18, 2017.
As per the filing, the settlement will be comprising 2 parts.
Cash Payment of Rs 17.5 Cr
Rs 2 Cr was paid before signing the Settlement Agreement.
Rs 8 Cr be paid on the signing of the Settlement Agreement
Rs 5 Cr to be paid within 30 days of signing
Rs 2.5 Cr to be paid within 60 days of signing
2. Issue of shares worth Rs 25 Cr
Following the news built up, the shares of A2Z Infra soared over 3%.
A2Z Infra Engineering Ltd is currently trading at Rs 37.8, up by Rs 1.1 or 3% from its previous closing of Rs 36.7 on the BSE.
The scrip opened at Rs 36.2 and has touched a high and low of Rs 40.8 and Rs 36.2 respectively. So far 48.28 lakh shares were traded on the counter. The stock is currently trading above its 200 DMA.