Uttam Galva is up 9%
By
Research Desk
about 8 years ago
Uttam Galva is up 9% at Rs.33 levels, very close to its 52-week high of Rs.37.15 with volumes spurting up over 5 times.
The stock has jumped up on unconfirmed news that Aion Capital Partners (JV between Apollo Global Management and ICICI Venture) is talking to the company and its lenders to bring about a restructuring package, which would also include a fresh capital infusion of Rs.500 to Rs.1000 crore. This will be mainly to take care of the working capital needs and for funding future growth plans.
Uttam Galva is a sick company and is registered with the BIFR. It is sitting on a debt of Rs.5500 crore.
The stock exchanges have sought for a clarification from Uttam Galva on this news and response is awaited.