Indosolar shares on Wednesday hit lower circuit after the company on Monday post market hours said the company’s bankers are not considering debt restructuring proposal. The share price of the company closed 4.96 per cent down at Rs 10.16.
The company said the lenders are exploring the possibility of sale of its assets or to invoke change in management of the firm.
“Board of Directors of the Company at its meeting held on January 25, 2016, inter alia, has noted, the outcome of the Joint Lenders Meeting and as per said meeting, banks are not considering second restructuring proposal as of now and are exploring the possibility of sale to Asset Restructuring Company (ARC) and/or to invoke change in management,” Indosolar Ltd has informed BSE.
For the quarter ended December 2015, the company posted a net loss of Rs 38.31 crore, down 264.02 per cent, against net loss of Rs 10.52 crore in the corresponding quarter a year ago.
Indosolar is engaged in the manufacture of poly-crystalline solar photo-voltaic (“SPV”) cells from silicon wafers utilising crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the “photo-voltaic effect”.