Lanco Infratech zooms as its subsidiary settles AUD 3.5 billion lawsuit by Perdaman

29 Apr 2013 Evaluate

Lanco Infratech is currently trading at Rs. 11.50, up by 0.99 points or 9.42% from its previous closing of Rs. 10.51 on the BSE.

The scrip opened at Rs. 10.59 and has touched a high and low of Rs. 12.39 and Rs. 10.59 respectively. So far 3809235 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 16.78 on 06-Jul-2012 and a 52 week low of Rs. 10.10 on 04-Mar-2013.

Last one week high and low of the scrip stood at Rs. 12.39 and Rs. 10.45 respectively. The current market cap of the company is Rs. 2773.79 crore.

The promoters holding in the company stood at 70.78% while Institutions and Non-Institutions held 5.97% and 23.25% respectively.

Lanco Infratech’s Australian subsidiary, Griffin Coal, has settled protracted litigation for a claim of Austrian dollar 3.5 billion initiated by Perdaman Chemicals against the company. The Australian coal miner has agreed to pay Perdaman a nominal amount of Austrian dollar 7.5 million and legal costs to be taxed by the Court, without admission of any of the allegations of Perdaman.

Alleging non-compliance with coal supply pact for the company's upcoming urea plant in Western Australia, Perdaman Industries filed an Austrian dollar 3.5 billion lawsuit against Lanco in Australia in 2011. This settlement was reached pursuant to the rules of Supreme Court of Western Australia, which allows for early and cost effective resolution of such claims.

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