ALSO READHFCL zooms 32% in two days after Grantham Mayo Van picks up stake Street signs: Big investors getting into HFCL 66 stocks gain over 50% in 1-month; Future Market, Bombay Dyeing zoom 100% Markets trade flat after hitting fresh highs; broader markets fall 1% SBI questions Bengal's absorption ability as state FM asks for better CDR
“Since the Company has completed all the formalities related to exit from CDR mechanism, the CDR Cell vide its letter no. BY CDR (DAP) No. 2018/2017-18 dated 1st September, 2017 which was received by us on 12th September, 2017, has informed the Company about successful exit of the Company from the CDR mechanism,” HFCL, the company engaged in telecom cables business said in a BSE filing on Wednesday after market hours.
“The successful exits of the account of HFCL from CDR mechanism stands approved on receipt on confirmation from IDBI Bank, the Monitoring Institution (MI) that the directions stipulated in CDR-EG held on February 22, 2016 have been compiled with,” Corporate Debt Restructuring Cell in its decision.
Meanwhile, the stock zoomed 41% in the last seven trading sessions from Rs 21.35 on September 5, after Grantham Mayo Van Otterloo (GMO) - Emerging Markets Quality Fund bought nearly 20 million shares of HFCL through open market.
On September 7, 2017, it purchased an additional 8.75 million shares of the company at Rs 28.13 per share, the NSE bulk deal data shows.
At 12:57 PM; the stock was up 6% at Rs 29.45 on NSE, as compared to a marginal 0.01% rise in the Nifty 50 index. A combined 26.24 million shares changed hands on the counter on BSE and NSE so far.