SITI Networks zooms despite defaulting total Rs 913 crore in Q2 FY23

Siti Networks is currently trading at Rs. 1.83, up by 0.12 points or 7.02% from its previous closing of Rs. 1.71 on the BSE.

Siti Networks
Siti Networks

The scrip opened at Rs. 1.87 and has touched a high and low of Rs. 1.88 and Rs. 1.75 respectively. So far 2763104 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 5.74 on 12-Jan-2022 and a 52 week low of Rs. 1.36 on 30-Sep-2022.

Last one week high and low of the scrip stood at Rs. 1.88 and Rs. 1.49 respectively. The current market cap of the company is Rs. 160.46 crore.

The promoters holding in the company stood at 6.10%, while Institutions and Non-Institutions held 7.31% and 86.59% respectively.

SITI Networks has defaulted total Rs 913 crore on payments of interest and repayment of principal amount on loans taken from banks for the quarter ended in September (Q2 FY23). This includes a principal amount of Rs 655 crore and interest of Rs 258 crore. The company is in discussions with its bankers for restructuring of its debt obligations.

SITI Networks is a part of the Essel Group, which is one of India’s leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and education.

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