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Patel Engineering zooms 20% on debt reduction hopes

The stock locked in upper circuit of 20% at Rs 57.10 on the BSE.

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Patel Engineering

SI Reporter  |  Mumbai 

Patel Engineering is locked in upper circuit of 20% at Rs 57.10 on the BSE after the company announced that the Union Cabinet's decision requiring the government agencies to pay 75% of arbitral awards is expected to reduce the company’s debt by more than half. “Patel Engineering has won arbitration award in excess of Rs 2,500 crore.

With the recent Cabinet decision, the company will get 75% of this amount immediately which will be utilized to retire debt”, the company said in a press release. Further, claims approximately Rs 5,000 crore are in arbitration ...

First Published: Thu, September 01 2016. 15:27 IST
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