HDIL gains 7% as board mulls to finalise the loan settlement term with Union Bank
DSIJ Intelligence / 09 Aug 2017
Housing Development and Infrastructure (HDIL) advanced 7% as the company’s board mulls to finalise the loan settlement term with Union Bank this week.
Housing Development and Infrastructure (HDIL) advanced 7% as the company’s board mulls to finalise the loan settlement term with Union Bank this week.
The stock had been taking a pounding during the past few trading sessions as the National Company Law Tribunal (NCLT) initiated proceedings against its subsidiary, Guruashish Constructions.
Talking about NCLT’s actions against its subsidiary, Sarang Wadhawan, while interacting with a leading business channel, Vice Chairman and MD of HDIL said that they have made arrangements to ensure that once the one-time settlement is accepted by the bank, they will be able to make the payment to the bank and the entire insolvency proceeding will be taken care of.
Following this, HDIL rose over 36% of its intraday low and the stock at Rs 60.35 per share as at 1440 hours was trading up by 7.10% on the BSE. The stock hit its intraday high and low of Rs 61.70 and Rs 45.10, respectively.
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