[ad_1]
Shares of Simple Infrastructure hit a fresh 52-week high of Rs 102.70, up 5 per cent on the BSE in Tuesday’s intra-day trade. The stock of civil construction company has locked in 5 per cent upper circuit for straight 18 trading days and zoomed 147 per cent in a month. At 12:21 pm; it was up 2 per cent at Rs 99.50, as compared to 1.1 per cent rise in the S&P BSE Sensex.
On April 12, 2022, the board of Simplex Infrastructure approved raising of funds up to Rs 421.80 crore by issuing shares and warrants to Swan Construction Private Limited, a non-promoter group company on the preferential basis.
The company will allot 57.51 million equity shares at price of Rs 56.61 per share aggregating total consideration of Rs 325.57 crore. The company will also allot 17 million warrants, each carrying a right to subscribe to 1 equity share at a price of Rs 56.61 per share aggregating to Rs 96.26 crore.
Meanwhile, Simplex Infrastructure incurred net loss of Rs 373 crore for the nine month ended December 31, 2021 (Rs 461 crore in the year ended March 31, 2021) due to default in payment of financial debits to its bankers and others, amounting to Rs 3,192 crore as on December 31, 2021 (Rs 2,252 crore on March 31, 2021). The company is in the process of finalizing a resolution plan with its lenders with a healthy order book position and bright future growth outlook.
“The company is confident of improving credit profile including time bound realisation of assets, arbitration claims, etc, which would result in meeting its obligation In due course of time. Accordingly the management considers it appropriate to prepare these financial results on going concern basis,” the management said in a note.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link