Arshiya up 7%, promoters' stake increases to 75% post CDR

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Moneycontrol Bureau

Shares of Arshiya gained 7.3 percent intraday Monday as promoters' shareholding in the company increased by 2.5 percent to 75 percent after corporate debt restructuring (CDR) scheme.

Archana A Mittal's shareholding increased to 63.11 percent from 59.48 percent while Ajay S Mittal's stake declined to 11.88 percent from 13.05 percent after preferential allotment.

The logistics company had applied to corporate debt restructuring for restructuring of existing debt including revision of interest rates, principal repayment schedule and grant of certain new facilities.

As per CDR scheme, promoters are required to infuse funds into the company. Accordingtly, the company already allotted 6.97 crore equity shares to promoters Ajay S Mittal (86.6 lakh shares) and Archana A Mittal (6.11 crore shares) against infusion of fund into the company at a price of Rs 14.60 apiece amounting to Rs 101.86 crore.

In addition to that, the company (on November 21) has allotted 1.39 crore shares to Archana A Mittal against part of infusion of funds into the company at a price of Rs 14.6 apiece amounting to Rs 20.41 crore.

The scrip of Arshiya closed at Rs 44.05, up Rs 2.30, or 5.51 percent on the BSE.Posted by Sunil Shankar Matkar