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Reliance Defence gains on getting approval from lenders to exit CDR

21 Apr 2017 Evaluate

Reliance Defence and Engineering is currently trading at Rs. 66.15, up by 0.10 points or 0.15% from its previous closing of Rs. 66.05 on the BSE.

The scrip opened at Rs. 66.00 and has touched a high and low of Rs. 66.70 and Rs. 65.90 respectively. So far 75170 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 72.85 on 01-Aug-2016 and a 52 week low of Rs. 48.40 on 22-Nov-2016.

Last one week high and low of the scrip stood at Rs. 67.00 and Rs. 63.50 respectively. The current market cap of the company is Rs. 4862.64 crore.

The promoters holding in the company stood at 30.76%, while institutions and non-institutions held 14.48% and 54.76% respectively.

Reliance Defence and Engineering has received an approval from a consortium of lenders to exit its corporate debt restructuring (CDR) package. The consortium of lenders, led by IDBI, has agreed to the exit plan of the company, a subsidiary of Reliance Infrastructure, with a longer maturity period for loans worth about Rs 6,800 crore. The lenders have also given their go-ahead to implementation of refinancing scheme of the company.

Both the proposals were presented to the CDR Empowered Group’s (EG) meeting on March 29 and approved by the requisite majority of CDR lenders.

Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).

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