Educomp Solutions is locked in upper circuit of 10% at Rs 37.25 on BSE after the education company said it has initiated discussions with its lenders and has approached the Corporate Debt Restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet.
The company has also approached CDR forum for restructuring of debt in its K-12 business (2nd major business, operated through its subsidiary - Educomp Infrastructure and School Management Limited), Educomp Solutions said in a statement.
The debt restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments. The restructuring exercise will also allow the company to focus on and strengthen its core operations, it added.
A combined around 94,485 shares have changed hands on the counter in early morning deals and there are pending buy orders for 197,447 shares on BSE and NSE.
The company has also approached CDR forum for restructuring of debt in its K-12 business (2nd major business, operated through its subsidiary - Educomp Infrastructure and School Management Limited), Educomp Solutions said in a statement.
The debt restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments. The restructuring exercise will also allow the company to focus on and strengthen its core operations, it added.
A combined around 94,485 shares have changed hands on the counter in early morning deals and there are pending buy orders for 197,447 shares on BSE and NSE.
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