HCC slumps and falls

HCC has defaulted to Rs 2,161 crore of debt as on December last year even as the company’s lenders have initiated a comprehensive debt resolution plan.

The company has a total debt of Rs 9,727 crore and of this, it owes Rs 4,091 crore to Indian banks.

There are 16 financial creditors to the debt-laden company, including Union Bank of India, L&T Infra Finance, Asset Reconstruction Company (India) Ltd (ARCIL), Bank of India, Axis Bank, Central Bank of India, Punjab National Bank, Asset Care & Reconstruction Enterprise Ltd (ACRE), State Bank of India and Bank of Baroda, among others.

And in another development last week, the company said that Mumbai-based Darwin Platform Infrastructure’s bid (around Rs1500 crore) to acquire Lavasa Corporation through the insolvency process has been approved by the debt-ridden firm's lenders.

The stock was among the top five losers on the BSE, briefly skimming the 5% LC of the day at Rs.15.65 and is currently trading at Rs.15.75. Its 52-week high and low is at Rs.18.76 and Rs.7 respectively.