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Stock Report
East West Holdings Limited repays Rs. 260 million debt
Posted On : 2024-04-08 20:08:24( TIMEZONE : IST )
East West Holdings Limited has re-paid Rs. 260 million to the bankers which amounts to Reduction of Overall Debt by 24% as part of its pre-defined debt reduction program wherein it's targeted to make the business debt free over a period of time.
The Board of Directors of the Company at its meeting held on 24th June, 2021 had decided to disposed one of the property of the Company situated at "Time Square" Village Marol, Andheri Kurla Road, Andheri East, Mumbai - 400059 and utilize the proceeds for paying off it's Loans from Bank/Financial Institution and reduce its debt by 20% to 30% and thereby improve its Debt-to-Equity ratio.
Commenting on the subject The Managing Director & CEO Mr. Ajaz Shafi Mohammed said "I am happy and proud to announce that with our relentless effort for the past 2 years we have successfully managed to achieve 24% Reduction of Overall Debt of the Company, which in ttself is an achievement, this will not only improve the Debt-to-Equity ratio but our overall financial position of the Company.
This accomplishment emphasis the dedication and determination of the Management of the Company to make the business debt free over a period of time.
The coming years is going to be fantastic 'year for the Company in terms of growth and expansion of the business of the Company.
The improvement in financial of the Company will encourage the Management of the Company to focus on implanting its growth plan-and improve its revenue and profits thereby adding value to our investors and stakeholders.
I am grateful to our dedicated team and to our stakeholders for their continuous support and encouragement."
Shares of East West Holdings Ltd was last trading in BSE at Rs. 6.02 as compared to the previous close of Rs. 6.01. The total number of shares traded during the day was 188317 in over 477 trades.
The stock hit an intraday high of Rs. 6.16 and intraday low of 6.00. The net turnover during the day was Rs. 1140789.00.
