Lanco Infratech gains after lenders' nod for CDR

Lanco Infratech rose 1.17% to Rs 6.91 at 10:38 IST on BSE after the company said that its board has accepted the letter of approval issued by Corporate Debt Restructuring Empowered Group approving the CDR proposal submitted by the company.

The announcement was made after market hours on Monday, 23 December 2013.

Meanwhile, the S&P BSE Sensex was up 23.70 points or 0.11% at 21,124.73.

On BSE, so far 3.04 lakh shares were traded in the counter as against average daily volume of 10.34 lakh shares in the past one quarter.

The stock hit a high of Rs 7.04 and a low of Rs 6.90 so far during the day. The stock had hit a 52-week high of Rs 15.22 on 9 January 2013. The stock had hit a record low of Rs 4.96 on 31 July 2013.

The stock had outperformed the market over the past one month till 23 December 2013, surging 15.57% compared with the Sensex's 4.37% rise. The scrip had also outperformed the market in past one quarter, jumping 23.51% as against Sensex's 6.03% gain.

The small-cap company has equity capital of Rs 240.78 crore. Face value per share is Re 1.

Lanco Infratech's board of directors at a meeting held on Monday, 23 December 2013, accepted the Letter of Approval (LOA) dated 20 December 2013, issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the Corporate Debt Restructuring proposal submitted by the company. The CDR EG approved the CDR proposal at its meeting held on 11 December 2013. Lanco Infratech's board of directors has passed necessary resolutions for the implementation of the approved CDR scheme.

Lanco Infratech reported a consolidated net loss of Rs 576.40 crore in Q2 September 2013, higher than net loss of Rs 135.93 crore in Q2 September 2012. Net sales declined 22.5% to Rs 2451.90 crore in Q2 September 2013 over Q2 September 2012.

Lanco Infratech is one of India's largest integrated infrastructure developers. The company operates in five core sectors viz. EPC, power, natural resources, solar and infrastructure.

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