A2Z Infra Engineering jumps 9% as subsidiary looks to cut debt by Rs 416 crore

The stock rose 9.23 per cent to hit a high of Rs 41.40 on BSE.

Synopsis

The company said the settlement may include transfer of two projects of its subsidiary ARZ Green Waste Management – a 500 TPD processing and disposal (P&D) unit at Indore city and a 1500 TPD of P&D collection & transportation (C&T) unit in Kanpur.

By ETMarkets.com

Nov 23, 2016, 10:27:00 AM IST

NEW DELHI: Shares of A2Z Infra Engineering shot up over 9 per cent in Wednesday’s trade after the company informed the stock exchanges that its subsidiary company A2Z Green Waste Management has agreed to a framework with one of its lenders for a settlement of its various debt obligations aggregating to Rs 416.18 crore.

In a filing to BSE, the company said the settlement may include transfer of two projects of its subsidiary ARZ Green Waste Management – a 500 TPD processing and disposal (P&D) unit at Indore city and a 1500 TPD of P&D collection & transportation (C&T) unit in Kanpur.

The stock rose 9.23 per cent to hit a high of Rs 41.40 on BSE. This was in addition to the gains seen in the previous session after the company won a contract by Chhattisgarh State Power Transmission Company for construction of 132 KV S/S Bijapur and associated extra high voltage (EHV) line on a turnkey basis.