Shares of Jyoti Structures surged over 19 percent on Wednesday after the company gained access to bank guarantees and letters of credit worth Rs 510.59 crore to support the execution of its order book.
The stock rose as much as 19.24 percent to hit an intraday high of Rs 12.89 on the NSE. The company's upper circuit limit for the session was 20 percent.
The sharp rally followed the company's announcement that its lenders had started releasing bank guarantees and letters of credit under the resolution plan approved by the National Company Law Tribunal (NCLT).
In an exchange filing, the company said it had mobilised substantial bank guarantees and letters of credit from its lenders pursuant to the resolution plan approved by the NCLT under the Insolvency and Bankruptcy Code, 2016.
The development follows an order passed by the NCLAT on May 26, 2026. Following the order, the company had made specific requests to its lenders for the release of the facilities in accordance with the NCLT-approved resolution plan and subsequent orders passed by the tribunal.
The company said that after a delay of five years, lenders had started progressively releasing the bank guarantees and letters of credit out of the Rs 510.59 crore envisaged under the resolution plan. The facilities are being made available in line with the company's current business requirements.
The non-availability of these facilities had so far restricted the company's ability to execute its order book, it said.
Their release is expected to strengthen the company's operational capabilities and support the execution of its existing orders, while enabling it to pursue new opportunities in the power transmission and infrastructure sectors.
Jyoti Structures is an engineering, procurement and construction (EPC) company operating in India's power transmission sector.
