Madras Fertilizer, FACT Gain on Restructuring Nod

Shares of Madras Fertilisers and Fertilizers & Chemicals Travancore (FACT) rallied as much as 20 per cent and 12.5 per cent each respectively in the morning deals on Wednesday after the Minister of State for fertiliser; Hansraj Ahir said the government is planning to restructure three sick fertiliser companies.

 

Minister of State for fertiliser, Hansraj Ahir said that the government plans to financially restructure Madras Fertilizers, FACT and Brahmaputra Valley Fertlisers. The government may wave off existing loans and grant interest free loans to these companies.

 

Reacting to the news, shares of Madras Fertilizers ended 11 per cent higher at Rs 21 and FACT jumped 11.6 per cent to close at Rs 35.