Axiscades shares hit 5% upper circuit after completion of debt re-financing

Axiscades Technologies said the re-financing would bring down interest costs of the company by around 400 basis points per annum

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Shares of Axiscades Technologies were locked in a 5 percent upper circuit on June 27 on optimism of the company’s completion of re-financing Rs 210 crore debt.

The stock has been hitting the upper circuit for the past three trading days. Axiscades shares are setting 52-week highs from the last three sessions, and have gained 13 percent in the last three trading days.

The shares closed up 5 percent at Rs 475.75 on the National Stock Exchange.

The Rs 210 crore debt was taken for acquisition of Mistral Solutions which is a leader in semiconductor, defence and engineering capabilities, said the company in an exchange filing dated June 26.

Axiscades Technologies said the re-financing will bring down interest costs of the company by around 400 basis points per annum.

Also read Axiscades Technologies up 5% on board nod to acquisition of German firm

The engineering technology company’s revenue increased 33 percent to Rs 827 crore year-on-year in FY23. Its EBITDA margins improved by 544 basis points in the same period. The company made a profit of Rs 22 crore in FY23 as compared to a loss of Rs 21 crore in the previous financial year.

Axiscades Technologies is an end-to-end engineering and technology solutions provider, catering to aerospace, defence, automotive and energy.

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