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Shares of Hindustan Construction Company closed 20% higher on Tuesday, a day after the engineering and construction company said that it had completed its debt resolution plan. Hindustan Construction Company share price jumped by 19.97% or Rs 2.44 to end at 14.66 apiece on the BSE on Tuesday.
The stock witnessed a spurt in volume by 10.79 times as 1,42,33,809 shares of Hindustan Construction Company were traded on Tuesday, while deliverable quantity stood at 59,11,301 shares.
The stock has given a return of almost 50% in the past one year, while yielded aroud 170% return in the past two years.
“We wish to inform you that the company has completed the activities required from its end on September 26, 2022, in connection with its debt resolution plan in relation to its facilities and guarantee and put obligations in accordance with the Reserve Bank of India Directions 2019, dated June 7, 2019, and pursuant to the approval granted by the members in their extra-ordinary general meetings held on June 29, 2021 and March 23, 2022,” the company said in a regulatory filing.
As per the exchange filing of Hindustan Construction Company, the Company assigned Rs2,854.4 crore of lenders’ liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore to Prolific Resolution Pvt. Ltd.,a wholly owned subsidiary of the Company(“SPV”).
Under the debt resolution plan, SPV has issued and allotted 28,544 non-convertible debentures having a face value of Rs.10,00,000/- each at par for consideration other than cash amounting to Rs. 2854.4 crore on September 20, 2022, against the debt novated to it by the Company.
Besides, the Company has issued and allotted 8,239 non-convertible debentures having face value of Rs. 10,00,000/- each at par for consideration other than cash amounting to Rs. 823.9 crore against restructuring of the amount due to the lenders on September 26, 2022.
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