Shriram EPC spikes up over 16%
By
Research Desk
about 8 years ago
Yesterday, Shriram EPC held a Board meeting and it decided to convert its Working Capital Term loan of the CDR Lenders into equity shares of the Company to the maximum extent of Rs. 1280 crore.
At the same time, it will be making a preferential issue to the Holding Company - SVL Limited (Erstwhile Shriram Industrial Holdings Limited) of Rs. 265 crore.
In both cases, the price is yet to be decided. And it is this pricing and the fact that debt got converted into equity which has given a lot of traction to the stock. Clocking volumes of over 9 times in the morning trades alone, the stock rose over 16.5% intra day to Rs.29.60. It’s 52-week high stands at Rs.39.60.