Adhunik Metaliks Ltd has informed the stock exchanges that the CDR Empowered Group has sanctioned a composite debt restructuring plan. It also said the debt restructuring would extend to Orissa Manganese & Minerals Ltd with which it is being merged under a Scheme of Amalgamation pending before the High Court of Orissa at Cuttack.
Earlier, the management opted for debt restructuring for the negative impact of closure of various iron ore and manganese ore mines and scarcity of coal on its financials. The Joint Lenders’ Forum (JLF) has also approved the move.
On Wednesday, the Adhunik stock moved up a little more than 1 per cent and closed at Rs 23.20.