SMPL Infra, a water management and infrastructure development company announced today morning that it has secured several Arbitration Awards of cumulated amount of Rs.712 crore (including interest upto 30th Sept, 2019) for the projects from different clients in India.
The PSU clients’, against whom the company has received the awards, have preferred to appeal the same, which are presently at various levels of hearing at the Courts though the company is very confident of receiving the full amount of Arbitral Awards along with the interest upto the date of receipt in due course.
Out of the aforesaid Rs.712 crore, there is a clarity on Rs.287 crore which have been partly received by the company at its bank account and also deposited with the Court. The company also expects further deposit of sizeable amounts as per the directions of the Courts. The aforesaid Rs.287 crore and such further amounts as deposited at Courts and realized by the company will be used for the reduction of debts of the lenders.
Following this announcement from the company, the stock, within minutes of opening, hit the 5% UC of the day at Rs.69.45, where it now remains frozen.