A2Z Infra Engineering share price rallied 20 percent intraday Friday after the company announced one time debt settlement with lenders of its subsidiary.
“…..approved one time settlement (OTS) with lenders of A2Z Green Waste Management Limited (previously known as A2Z Infrastructure ) towards Debt settlement of Rs 275.94 crore, for a total consideration of Rs 70 crore,” the company said in its filing.
In addition to above, it has been agreed that immediately subsequent to transfer of ‘Kanpur Project’ to EEMPSL, Energy Development Corporation. IL&FS Employee Welfare Trust and IIDC Fund, will acquire 100 percent of the equity shareholding of Earth Environment Management Services (EEMSPL), a wholly owned subsidiary of A2Z Green at a consideration of Rs 5 lakh, it added.
Eventually the outstanding liability amounting to Rs 188.02 crore of IFIN will also be extinguished in the books of EEMPSL.
At 15:22 hours IST, the stock price was quoting at Rs 24.35, up Rs 3.20, or 15.13 percent amid high volumes on the BSE.