Government of India approves conversion of loans in HMT Ltd to equity sahres

The Government of India has issued a formal sanction for non-cash assistance in the form of conversion of Government of India loans into equity to the extent of Rs. 443.74 crores for which the company has to issue equity share of equivalent amount to the Government of India on the face value of Rs. 10 per share. The Government of India has also conveyed the formal sanction of Rs. 201.88 crores towards waiver of interest upto April 31, 2012 and Rs. 3.76 crores towards waiver of Government of India guarantee fee respectively.

In May 2013, the Government of India had approved the revival and restructuring plans of HMT Ltd amounting to Rs. 1083.48 crores as recommended by the CCEA, which envisages financial support, waivers etc. from Government of India.

Shares of HMT LTD. was last trading in BSE at Rs.29.7 as compared to the previous close of Rs. 30.25. The total number of shares traded during the day was 37688 in over 379 trades.

The stock hit an intraday high of Rs. 30.8 and intraday low of 29.3. The net turnover during the day was Rs. 1135701.

Source : Equity Bulls

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