Vishal Retail hits upper circuit on stake sale news
BS Reporter / Mumbai Feb 09, 2010, 15:50 IST
The stock ended at its 5% upper cicuit at Rs 72. The counter clocked volumes of 6.46 million shares on the BSE.
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The stock opened and touched a low of Rs 69.70. Therafter it surged to the 5% upper circuit of Rs 72.30. Around 23.01 lakh shares have been traded on the BSE.
The company has informed the BSE that it is under burden of debt and to restructure that, the proposal of the company is under corporate debt restructuring (CDR) mechanism. TPG has given a proposal to the CDR cell and the same to be approved by all participanting banks. It has proposed a two-year period for repayment of Rs 735 crore debt and has said that it is ready to seek equity participation from strategic investors as well.
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