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HomeMarket NewsA stock down 90% from its peak gets fund infusion from promoters, over ₹300 crore debt repayment
Following these steps, Vishnu Prakash R Punglia’s total fund-based exposure has reduced to ₹323.06 crore from the sanctioned limits of ₹736.71 crore, while non-fund-based exposure, such as bank guarantees and letters of credit, stands at ₹515 crore.
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Vishnu Prakash R Punglia Ltd. on Tuesday, March 10, said its promoters have infused approximately ₹285 crore of interest-free capital into the company as part of efforts to stabilise liquidity and strengthen its balance sheet.
In a business update filed with the exchanges, the company said the funds, including proceeds from stake sales, were deployed to support liquidity management and ensure continuity in project execution.
The company added that it has repaid around ₹328 crore of debt, resulting in nearly a 50% reduction in overall bank borrowings.
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Outstanding dues under the Trade Receivables Discounting System (TReDS) have also declined sharply from ₹345 crore to ₹17 crore.
Following these steps, the company’s total fund-based exposure has reduced to ₹323.06 crore from the sanctioned limits of ₹736.71 crore, while non-fund-based exposure, such as bank guarantees and letters of credit, stands at ₹515 crore.
The company said it faced operational and financial challenges over the past nine months due to payment-cycle realignments and liquidity tightening across the infrastructure sector, adding that these factors were cyclical and external.
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Management further stated that the promoter capital infusion, debt reduction and improved financial discipline have materially strengthened the company’s balance sheet and stabilised its liquidity position.
Operationally, Vishnu Prakash R Punglia said it received ₹232 crore in inflows during the last quarter, with payment cycles gradually normalising.
The company also highlighted a strong order book of over ₹4,500 crore, which it said provides visibility for future revenue growth.
Shares of Vishnu Prakash R Punglia are down 0.7% on Tuesday at ₹39.4, having gained 4% in early trading. The stock is down 90% from its record high levels, which are in excess of ₹340 per share. The stock is also down 60% from its IPO price of ₹99 per share.
