Koutons Retail rallies on buzz of bankers nod for debt restructuring

BSE 23 May 12 | 12:00 AM

7.66		-0.14 (-1.79%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 532901

Face Value: N.A.

NSE 25 Apr 12 | 12:00 AM

8.15		0 (0%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: KOUTONS

Performance
1 Week	:	Rs	7.35	(4.22%)
1 Month	:	Rs	9.06	(-15.45%)
1 Year	:	Rs	29.45	(-73.99%)

Koutons Retail rallies on buzz of bankers nod for debt restructuring

SI Reporter / Mumbai 30 Sep 11 | 11:06 AM

Be the first to comment

Koutons Retail India has rallied 5% to Rs 22.75 on reports the company has secured its bankers' approval for a corporate debt restructuring package.

“The corporate debt restructuring (CDR) cell constituted by the Reserve Bank of India (RBI), cleared the package on September 29, 2011, with majority support of the lenders after nine months of negotiations. It paves the way for a reorganisation of Koutons Retail India's unmet financial obligations and prevents the retailer from defaulting on its loans and a possible bankruptcy," reports suggest.

The company has a working capital debt of nearly Rs 465 crore from the banks, and an unsecured and non-consortium debt of Rs 177 crore extended by LIC Mutual Fund, Allahabad Bank, Bank of India and some other lenders.

The stock hit a high of Rs 23.15 after it opened at Rs 22.05 on the BSE. A combined 334,481 shares have changed hands on the counter till 1050 hours.