A2Z Maintenance & Engineering spurts after execution of CDR agreement

A2Z Maintenance & Engineering Services was locked at 10% upper circuit at Rs 10.69 at 14:13 IST on BSE after the company said that the Master Restructuring Agreement has been executed on Thursday, 27 March 2014 as per CDR Guidelines.

The announcement was made during trading hours today, 28 March 2014.

Meanwhile, the S&P BSE Sensex was up 42.14 points or 0.19% at 22,256.51.

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 98,533 shares in the past one quarter.

The stock hit a low of Rs 9.52 so far during the day. The stock had hit a 52-week high of Rs 23 on 4 April 2013. The stock had hit a record low of Rs 7.51 on 29 November 2013.

The stock had underperformed the market over the past one month till 27 March 2014, sliding 10.99% compared with Sensex's 5.85% rise. The scrip had also underperformed the market over the past one quarter, declining 10.58% as against Sensex's 4.82% rise.

The company has equity capital of Rs 74.18 crore. Face value per share is Rs 10.

A2Z Maintenance & Engineering Services said that the Master Restructuring Agreement (MRA) has been executed on Thursday, 27 March 2014 as per Corporate Debt Restructuring (CDR) Guidelines.

It may be recalled that the company had on 30 December 2013 said its board of directors accepted letter of approval (LOA) dated 28 December 2013, issued by CDR Empowered Group (CDR EG) approving the CDR proposal submitted by the company. The CDR EG approved the CDR proposal at its meeting held on 24 December 2013, the company said at that time.

A2Z Maintenance & Engineering Services reported a net loss of Rs 37.17 crore in Q3 December 2013, higher than net loss of Rs 18.04 crore in Q3 December 2012. Net sales declined 30.2% to Rs 75.29 crore in Q3 December 2013 over Q3 December 2012.

A2Z Maintenance & Engineering Services is one of the leading engineering & infrastructure company.

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