Lanco had Rs 33,000 crore debt as on March 31, 2015. According to the release, the big asset sale program/ divestment program is getting delayed due to overall market conditions. (Express Photo)
After surging over 10 per cent on Tuesday, shares of Lanco Infratech jumped over 8 per cent in the morning trade on Wednesday following reports that the company may sell power projects having a capacity of 3,000 MW from 2018 onwards and expects to get Rs 25,000 crore, which would help pare debt and also infuse fresh capital into the group.
At 10.09 am, share of Lanco Infratech were trading 8.45 per cent up at Rs 4.49. The scrip opened at Rs 4.25 and had touched a high and low of Rs 4.54 and Rs 4.25, in trade so far. Sensex was up 0.79 per cent at 25,982.
In a clarification note, the company in a BSE filing on September 29, said, “The company has been communicating to the stock exchange and also to the shareholders/ general public that the company is keen in selling its stake in some assets of the company which is as per the CDR package and subsequent JLF approvals, to reduce the debt burden and to bring liquidity into the company.”
Company has already sold 2 of its assets namely Udupi Power Corporation Ltd (1200 MW Thermal Power Project) and Lanco Budhil Hydro Power Private Ltd (70 MW Hydro Power Project), which reduced the consolidated debt of the company.
Lanco had Rs 33,000 crore debt as on March 31, 2015. According to the release, the big asset sale program/ divestment program is getting delayed due to overall market conditions.
For the quarter ended June 2015, the company reported consolidated net loss of Rs 300.36 crore against net loss of Rs 306.35 crore in the corresponding quarter a year ago.
(With inputs from PTI)
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