Electrotherm India is currently trading at Rs. 33.30, up by 2.50 points or 8.12% from its previous closing of Rs. 30.80 on the BSE.
The scrip opened at Rs. 32.70 and has touched a high and low of Rs. 33.85 and Rs. 32.70 respectively. So far 11,000 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 48.60 on 06-Aug-2015 and a 52 week low of Rs. 13.55 on 09-Sep-2014.
Last one week high and low of the scrip stood at Rs. 35.05 and Rs. 29.05 respectively. The current market cap of the company is Rs. 38.22 crore.
The promoters holding in the company stood at 32.83% while Institutions and Non-Institutions held 0.09% and 67.08% respectively.
Edelweiss Asset Reconstruction Company (Edelweiss ARC) has reportedly bought 10% stake in engineering and metals firm Electrotherm India, which defaulted on Rs 3,200-crore loans. Edelweiss’ move to acquire said stake by converting part of debt into equity is part of a large debt restructuring programme which envisages Rs 200-crore funds infusion by promoter Mukesh Bhandari.
Over the last one year, Edelweiss ARC had acquired nearly 50% of Electrotherm’s debt from banks, which enabled it to convert debt into equity.
Electrotherm India is engaged in manufacturing of steel, electric vehicle and providing engineering services. The company also operates research and development division which focuses on enhancing its function, develop and upgrade its equipments.
