Pokarna Ltd, India's No 1 Granite Company, has announced that its 100 per cent subsidiary, Pokarna Engineered Stone Ltd (PESL), has exited Corporate Debt Restructuring (CDR) mechanism.
The Company is one of the largest exporters of finished granite as well as engineered stone in India with exports to more than 50 countries covering granite along with quartz.
This exit from CDR mechanism will not only enable PESL a greater operational and financial flexibility but will also support the future growth plans of the Company.
Pokarna Engineered Stone Ltd had resorted to CDR mechanism in the month of March 2012, given tough business phase as well as adverse business scenario. On the back of its continued strong operating and financial performance, the company had opted for the voluntarily exit from the CDR mechanism.
Gautam Chand Jain, the Chairman of Pokarna Ltd, said thet the exit is a significant step for PESL reflecting the company’s ability in turning around its business operations in such a short time. This exit will enable the Company’s greater operational and financial flexibility and help in acceleration of its growth.
PESL had received the letter dated October 28th, 2016, from the Corporate Debt Restructuring Cell confirming the approval of the exit of PESL from the CDR mechanism. The exit was discussed and then approved in the CDR Empowered Group meeting held on July 27th, August 29th and September 27th, 2016 and minutes of the same were confirmed on October 26th, 2016.
Pokarna share price is currently trading at Rs 902.50, down by 3.26 per cent or 30.45 points.
The Average Daily Movement or ADM of the share is 40.17. The share of face value 10 has a book value of 156.09 and a market cap of Rs 578.50 crores. Get the most important support and resistance levels of the share at Pokarna share price forecast.
Source: www.dynamiclevels.com
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