Shriram EPC spurts as board approves allotment of shares to CDR lenders

Shriram EPC jumped 7.04% to Rs 33.45 at 14:39 IST on BSE after the company's board of directors approved allotment of equity shares of the company to CDR lenders on conversion of funded interest term loan, on preferential basis.

The announcement was made after market hours on Friday, 26 June 2015.

Meanwhile, the S&P BSE Sensex was down 181.34 points or 0.65% at 27,630.50

On BSE, so far 4 lakh shares were traded in the counter as against average daily volume of 15,107 shares in the past one quarter.

The stock hit a high of Rs 34 and a low of Rs 30.95 so far during the day. The stock had hit a 52-week high of Rs 49.45 on 11 November 2014. The stock had hit a 52-week low of Rs 25.20 on 25 August 2014.

The stock had underperformed the market over the past one month till 26 June 2015, sliding 9.29% compared with 1.02% rise in the Sensex. The scrip also underperformed the market in past one quarter, remaining unchanged as against Sensex's 1.29% rise.

The small-cap company has equity capital of Rs 86.36 crore. Face value per share is Rs 10.

Shriram EPC said that the company's board of directors at its meeting held on Friday, 26 June 2015, discussed and approved allotment of 2.29 crore equity shares of face value of Rs 10 each (with a premium of Rs 22.98 each) of the company to corporate debt restructuring (CDR) lenders on conversion of funded interest term loan (FITL), on preferential basis pursuant to corporate debt restructuring scheme. The company's board of directors also approved allotment of 2.29 crore equity shares of face value of Rs 10 each (with a premium of Rs 30.05 each) of the company to CDR lenders on conversion of funded interest term loan (FITL), on preferential basis pursuant to corporate debt restructuring scheme. The company's board of directors also approved allotment of 1.05 crore equity shares of face value of Rs 10 each (with a premium of Rs 27.02 each) of the company to the promoter Shriram Industrial Holdings, on preferential basis.

Shriram EPC reported net loss of Rs 90.73 crore in Q4 March 2015, lower than net loss of Rs 385.43 crore in Q4 March 2014. Net sales rose 14.5% to Rs 154.96 crore in Q4 March 2015 over Q4 March 2014.

Shriram EPC offers design, engineering, procurement, construction and project management services for power plants.

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