The Exchange had sought clarification from Ramky Infrastructure Ltd with respect to news appearing in The Financial Express on December 16, 2014 titled 'Ramky may sell road assets, land to retire Rs. 1400-cr debt.'
Ramky Infrastructure Ltd replied stating 'We bring to your kind notice on the communication made by the company vide letters dated 15 January 2014, 12 February 2014 & 14 August 2014 and 17 September 2014 where in the company has communicated the exchanges that to ease the liquidity concerns of the company, the company is in negotiation with various investors for sale of operational road assets of the company.
As part of the Corrective Action plan submitted for restructuring under JLF, the company intends to monetize the operational road assets and also sell the land (earmarked for multi product industrial park near Hyderabad) owned by a 100% subsidiary company, the company is also exploring for sale of the other assets which will facilitate the reduction of debt in the company. Though the company is in talks for possible stake sale/securitization for the road projects and other assets, the discussions are at preliminary stage and have not reached the definitive agreement stage.
These matters are subject to the approval of the Board of Directors. However we will keep the exchange informed about the developments or near proximity to closing of any sale transaction/stake sales in the assets of the company.'
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