Hind Dorr hits 5% UC

Hindustan Dorr-Oliver is locked at the 5% UC at Rs.7.75. Volumes on the counter are also robust at 52,000 shares changing hands today morning alone compared to 33,000 on a two-week average.

The company which is currently facing corporate insolvency proceedings, is in the limelight on unconfirmed news that Eight Capital Group and Centrum Capital are in a race to pick up a majority stake in the company.

The company had ended Q2FY18 on a disastrous note – it had a net loss of Rs85 crore on revenue of just Rs11 crore. It’s debt stands at Rs.1400 crore.

Eight Capital has reportedly submitted an Expression of Interest in which it has offered to convert company’s debt into debentures and transferring most of the debt to its own books. Eight Capital also plans to bring in fresh equity and its proposal is to turn it around with its operating partner, Pennar Industries.