Stocks of IndoSolar soared by almost 8% after news of it approving the proposal on One Time Settlement hit the market. As per the filing made to the BSE, the company had got approval for the proposal for One Time Settlement (OTS) with UBI.
As per the filing, the proposal comprises two components - Serviceable and Non-serviceable Debt. The former shall be paid within 6 years, with last payment due on March 31, 2024, while the latter to be converted into Optionally convertible cumulative redeemable preference shares or OCCRPS. OCCRPS shall be redeemed within a span of 4 years, starting from April 01, 2024.
Indosolar Ltd is currently trading at Rs 7.51, up by Rs 0.31 or 4.31% from its previous closing of Rs 7.2 on the BSE. The scrip opened at Rs 7.1 and has touched a high and low of Rs 7.92 and Rs 7.01 respectively. So far 41.22 lakh shares were traded on the counter.