IVRCL allots first tranche of shares to CDR lenders

Infrastructure major IVRCL Ltd today said it has allotted nearly 8.8 crore shares to the Corporate Debt Restructuring (CDR) lenders.
"The company has made an allotment of 8,79,80,636 equity shares of Rs 2 each on December 4, 2014 to the CDR Lenders who have signed the Master Restructuring Agreement," IVRCL said in a filing with bourses.
"This allotment is towards 1st Tranche of conversion of FITL (funded interest term loan) into equity for the period from December 1, 2013 to September 30, 2014," it said.
IVRCL share were quoting at Rs 17.40 up 1.75 per cent in the afternoon trade.

As part of debt recast, IVRCL is also eligible to get a fresh loan of Rs 175 crore that can be used towards meeting working capital requirements beside getting Rs 1,400 crore bank guarantees among other facilities.
The Corporate Debt Restructuring Empowered Group (CDR EG), at its meeting held on June 28, 2014, approved the CDR proposal submitted by the company.
The Board of Directors of the company in its meeting on June 30, 2014 passed the resolutions needed for the implementation of the approved corporate debt restructuring scheme and also to obtain the shareholders approval for passing the necessary resolutions.