HCC slumps and falls

about 15 days ago
No Image

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.

Popular Comments

No comment posted for this article.