Lanco Infratech shares zoom over 8% on fund raising plans | business | Hindustan Times
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Lanco Infratech shares zoom over 8% on fund raising plans

Shares of Lanco Infratech surged on Wednesday over 8% as the company plans to raise Rs 5,000 crore by selling power projects having total generation capacity of 3,000 MW.

business Updated: Sep 11, 2014 00:26 IST

Shares of Lanco Infratech surged on Wednesday over 8% as the company plans to raise Rs 5,000 crore by selling power projects having total generation capacity of 3,000 MW.

Lanco Infratech's scrip soared 8.42% to settle at Rs 8.76 on the BSE. In intra-day, the stock jumped 9.9% to Rs 8.88.

At the NSE, the scrip zoomed 8.02% to end at Rs 8.75.

In terms of volume, 30.94 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.

Lanco Infratech said on Tuesday it plans to raise Rs 5,000 crore by selling power projects having total generation capacity of 3,000 MW, amid lenders looking at ways to improve the group's financial position.

"Lanco plans to sell 3,000 MW assets to raise Rs 5,000 crore cash and to reduce the additional debt of Rs 15,000 crore. Since last one year, we have been working on each of the project to settle the issues and bring back viability," a company statement had said.

Recently, Lanco Infratech entered into a pact to sell its 1,200 MW Udupi thermal plant to Adani Power in a deal worth over Rs 6,000 crore.

From the sale of its Udupi plant, the group expects to see a net cash inflow of Rs 925 crore after adjustments.