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Kridhan Infra falls 5 pc to hit lower circuit

Kridhan Infra falls 5 pc to hit lower circuit

Shares of Kridhan Infra on Monday fell nearly 5 per cent to hit its lower price band after the company received an order to liquidate its Singapore subsidiary. The stock fell 4.92 per cent to trade at Rs 4.25 apiece, its 52-week low, in in morning session on the BSE.

On the NSE, the scrip was 4.26 per cent down to its lower circuit at Rs 4.50. Kridhan Infra last week said it has received the written order for liquidation of its Singapore subsidiary Readymade Steel Singapore Pte Ltd.

It was informed earlier in the outcome of the Board meeting held on November 14, 2019 that the judicial authorities in Singapore have heard the matter regarding liquidation of the subsidiary and the written order was pending, the company said in a regulatory filing on Friday. "We now hereby inform that the written order for liquidation of the said subsidiary (Readymade Steel Singapore Pte Ltd) has since been received and Ng Kian Kiat and Lin Yueh Hung have been appointed as joint and several liquidators of the said subsidiary," it added.

Further, as informed earlier, as a matter of prudence, the company has, in the results for March, 2019, already fully impaired its investments and loans outstanding in the said subsidiary Readymade Steel Singapore, in its standalone financials. In view of the same, there will be no major impact of the said liquidation on the financials of the company, it had said in the filing. PTI RUJ BAL

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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