Updates on recent events and numerous investor queries generally
We wish to reassure our investors and stakeholders that company is moving forward with
normal operations and is confident of fulfilling it’s agenda while making serious efforts to
deleverage it’s balance–sheet.
Unabated and unprecedented significant fall in share price is not the result of anything
linked to company’s current or expected performance but may be linked to exit of
company’s stock from F&O and/or negative sentiments born out of speculative operations
fuelled by rumours.
As stated in our press release of 13th June 2019 we steadfastly remain committed to create
best possible value for our stakeholders.
Management remains committed to owning and running all it’s major business based on
intrinsic value which has been created while pursuing deleveraging to reduce debt by
Rs.2000 crores as conveyed earlier. We will provide updates once specific actions are
Any new investment infusion either by private equity / sovereign or other investors in one
or more divisions is being done is not to address any immediate shortfall in debt.
Deleveraging is part of well thought out strategy to create a much better balance–sheet.
However, one must note that there is no pressure while servicing existing debt as
repayments are spread out over next 5–6 years and aligned with expected normal cash–flows
based on company’s growth plan.
Company will also walk path of fiscal prudence and optimise it’s operations to achieve
overall objective of profitable and sustainable growth.
Promoters have informed the company that they are in touch with all their lenders for
pledged shares and working on solutions for current scenario.
Promoters also reiterate their long term commitment to the company and it’s future. It was
founded long time ago and promoter’s believe company has a bright future despite current
Company’s management will further actively engage with shareholders and other
stakeholders to regain their confidence.