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

Shriram EPC gained 4.24% to Rs 30.75 at 11:42 IST on BSE after the company's board of directors approved allotment equity shares to CDR lenders on conversion of funded interest term loan on preferential basis pursuant to CDR scheme.

The announcement was made after market hours yesterday, 26 August 2015.

Meanwhile, the S&P BSE Sensex was up 297.96 points or 1.16% at 26,012.62

On BSE, so far 2,975 shares were traded in the counter as against average daily volume of 12,623 shares in the past one quarter.

The stock hit a high of Rs 31.80 and a low of Rs 30.40 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 27 on 25 August 2015.

The stock had underperformed the market over the past one month till 26 August 2015, falling 9.37% compared with 8.53% fall in the Sensex. The stock also underperformed the market in past one quarter, declining 14.37% as against Sensex's 6.6% decline.

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

Shriram EPC's board of directors at its meeting held yesterday, 26 August 2015, approved allotment of 78.19 lakh equity shares of the company at Rs 32.98 per share to corporate debt restructuring (CDR) lenders on conversion of funded interest term loan (FITL), on preferential basis pursuant to corporate debt restructuring scheme. The board also approved allotment of 58.55 lakh equity shares at Rs 40.05 per share to CDR lenders on conversion of Sacrifice Amount, on preferential basis pursuant to corporate debt restructuring scheme, Shriram EPC said.

Shriram EPC reported net loss of Rs 2.79 crore in Q1 June 2015, lower than net loss of Rs 55.71 crore in Q1 June 2014. Net sales rose 9.1% to Rs 151.35 crore in Q1 June 2015 over Q1 June 2014.

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

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