Jyoti Structures breaches UC

Jyoti Structures breached the 20% upper circuit briefly at Rs.13.75 and it now continues to remain firmly in the green, at Rs.13 levels. Its 52-week high and low stands at Rs.28.80 and Rs.8.30 respectively.

A part of the Strategic Debt Restructuring (SDR) program, looks like the company is close to getting buyers. There is unconfirmed news that Kalpataru Power Transmission (KPTL) and the Amin Group are interested in buying into Jyoti Structures.

Under the SDR, debt worth Rs.308 crore has been converted into equity. This conversion was done at Rs.26.90/share.

If this does materialize, if the company does find new buyers, it will surely go a long way in breathing life back into Jyoti Structures. More importantly, it will instill the much needed faith that SDR does work.

The company is yet to confirm this news officially.