ARSS Infra soars over 80% post signing restructuring agreement

The company has entered in to agreements - master restructuring agreement (MRA) and trust retention agreement (TRA) on September 06, 2012.

ARSS Infrastructure Projects has rallied 10% to Rs 65.70 on back of heavy volumes on the counter. The stock opened at Rs 60 and has seen a combined 4.23 million shares changing hands on the counter till early noon deals against an average sub 2.5 million shares that were traded daily in past two weeks.

The stock of construction and infrastructure firm has rallied 83% from Rs 36 after the company has entered in to agreements, i.e. master restructuring agreement (MRA) and trust retention agreement (TRA) on September 06, 2012.

“These agreements are pursuant to the CDR mechanism for implementation of terms and conditions stipulated in the letter of approval received from CDR EG (Corporate Debt Restructuring Empowered Group) on dated June 19, 2012 with the CDR lenders led by State Bank of India,” ARSS Infra said in a filing.