Company News: A2Z Infra Engineering

The board of A2Z Infra Engineering has approved a one-time settlement of ₹57.5 crore with Edelweiss Asset Reconstruction Co. The settlement involves a cash payment of ₹12 crore and the remaining ₹45.5 crore will be settled by issuing paid-up equity shares of A2Z Infra at a price to be determined according to market regulations, the company said in an exchange filing. The current outstanding with Edelweiss is ₹130.83 crore. The company has been working to address and reduce its debt burden and had earlier announced a debt settlement of ₹114 crore with Sicom. Shares of A2Z Infra closed at ₹35.65, down 1.6 per cent on the NSE.