Shriram EPC makes a comeback after 52-week lows

Shriram EPC, which offers designing, engineering and construction of power plants, rose from 52-week lows after the loss-making company alloted shares to lenders as a part of its debt restructuring exercise.

The board of directors at Shriram EPC approved allotment of 78.19 lakh equity shares of the company at `32.98 per share to corporate debt restructuring lenders on conversion of funded interest term loan on preferential basis. The board also approved allotment of 58.55 lakh equity shares at Rs 40.05 per share to CDR lenders on conversion of Sacrifice Amount, on preferential basis pursuant to corporate debt restructuring scheme, the company informed the exchanges.

As a result, Shriram EPC 1 rupees, or 3.4 percent, to 30.50 rupees on the National Stock Exchange.

Shriram EPC's market capitalisation has fallen 10 percent to 479 crore rupees in the past one year.

Shriram EPC reported net loss of Rs 2.79 crores in Q1 June 2015, lower than net loss of Rs 55.71 crore in Q1 June 2014. Net sales rose 9.1% to Rs 151.35 crore in Q1 June 2015 over Q1 June 2014.