Ramky Infra shows huge volumes

Ramky Infrastructure breached the upper circuit at Rs.35.75 and is now at Rs.34 levels, up over 15%. Volumes are huge – as against 2W average of 9194 shares being traded, today morning alone has seen volumes of over 3.6 lakh shares.

This sudden spike up of interest on the counter is post the restructuring of its debt announcement it made on 15th June. The company has informed that on 12th June it executed the restructuring debt documents with six lenders comprising State Bank of India, State Bank of Hyderabad, Punjab National Bank, IDBI, ICICI Bank and Axis Bank. The other three lenders Yes Bank, Kotak Mahindra Bank and Standard Chartered Bank did not participate in the restructure agreement.

This apart, there is also unconfirmed news reports that the company plans to soon sell four of its road assets and raise some Rs.1000 crore. This apart, there are also reports that it plans to sell its 1200-acre land parcel on the outskirts of Hyderabad. These asset sales are all a part of the company’s debt restructuring plans. The stock exchanges have asked for a clarification over these asset sale news and response is awaited.

The company has debt of over Rs 1,400 crore which excludes the current loan of Rs 232 crore. The company went for debt restructuring as it could not service interest obligation on debt for more than 60 days.