REC Ltd files insolvency petition against RattanIndia Power Limited

REC Limited (REC), holding 0.001% Redeemable Preference Shares (RPS) of INR 28.72 crores in RattanIndia Power Limited (the Company), has filed an application against the Company, under Section 7 of IBC Code. The RPS were issued, in favour of REC, on 27.12.2019.

The Company strongly disputes the eligibility and entitlement of REC to seek the initiation of proceedings against it, under the IBC Code and will accordingly, be pursuing the legal remedies in the matter, available under the law.

Shares of RattanIndia Power Limited was last trading in BSE at Rs. 9.25 as compared to the previous close of Rs. 8.81. The total number of shares traded during the day was 5238977 in over 4274 trades.

The stock hit an intraday high of Rs. 9.25 and intraday low of 8.82. The net turnover during the day was Rs. 47995506.00.

Shares of REC Limited was last trading in BSE at Rs. 463.20 as compared to the previous close of Rs. 456.85. The total number of shares traded during the day was 268041 in over 3891 trades.

The stock hit an intraday high of Rs. 464.80 and intraday low of 455.20. The net turnover during the day was Rs. 123302546.00.

Source : Equity Bulls

Keywords

RattanIndiaPower INE399K01017 REC INE020B01018 InsolvencyPetition