At 9:47 am, the stock had pared most of its early morning gains and was trading half a per cent higher at Rs 324.05. On December 3,
Solar had slipped 0 per cent to trade at Rs 256 -- its lowest level since listing on the BSE on August 20, 2019.
The stock witnessed heavy trading, and was ruling higher for fourth straight day, up 17 per cent during the period.
"Out of the balance dues, consisting of principal and interest, the promoters have enabled repayment of Rs 1,000 crore... The Outstanding Loan of Rs 2,563 Crore due from Sterling and Wilson
Pvt. Ltd. and Sterling and Wilson International FZE as on the date of listing of the company's shares on the Exchanges stands reduced to Rs 1,644 crore," it said in a regulatory filing. READ HERE
The company's external debt from the date of listing of the Company's shares till December 31, 2019 has reduced by a net amount of Rs 1,340 crore. Over and above, the company has also paid interest on such external debt of approximately Rs 68 Crore during the said period, it added.
Besides, the promoters have proposed to facilitate repayment of balance outstanding loan amounts (including further accruals of interest). Accordingly, it will pay Rs 500 crore on or before March 31, 2020; Rs 500 Crore on or before June 30, 2020; and the balance amount on or before September 30, 2020.
In December 2019, the company had reasoned that the unforeseeable and lesser-than-expected realisation from the IPO led to significant and rapid deterioration in the credit markets, resulting in a significant liquidity crisis. It had also hit a 52-week low of Rs 245 on December 4 after the promoters failed to repay loan and requested the company to consider a revised repayment schedule for the balance outstanding amount.