Ashima rises on signing term sheet with ARCIL for settlement of secured debt

17 Jul 2014

Ashima is currently trading at Rs 7.30, up by 0.26 points or 3.69% from its previous closing of Rs. 7.04 on the BSE.

The scrip opened at Rs. 6.96 and has touched a high and low of Rs 7.30 and Rs 6.96 respectively. So far 1100 shares were traded on the counter.

The BSE group 'T' stock of face value Rs 10 has touched a 52 week high of Rs 8.80 on 30-Jun-2014 and a 52 week low of Rs 2.61 on 06-Nov-2013.

Last one week high and low of the scrip stood at Rs 8.00 and Rs 6.92 respectively. The current market cap of the company is Rs 24.36 crore.

The promoters holding in the company stood at 33.38% while Institutions and Non-Institutions held 0.08% and 66.54% respectively.

Ashima has signed a term sheet for settlement of secured debt, with one of its secured lenders, namely Asset Reconstruction Company (India) (ARCIL). The term sheet envisages payment of settlement amount in phases over a period of time.

As per the terms, ARCIL has rights to terminate the settlement arrangement and forfeit the amount paid by the company upon occurrence of any of the events of default listed in the term sheet. Besides, in absence of any sufficient internal accruals and the company’s net worth being negative, the financial commitments given by the company to ARCIL would require raising resources through additional debt or equity.

Further, the financial settlement with ARCIL amounts to less than 60% of the total secured debt of the company and the rest of the debt needs yet to be settled by the company.

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