IVRCL allots over 1 crore shares to Corporation Bank

Infrastructure development company IVRCL Ltd today said it has alloted over one crore shares to Corporation Bank under the corporate debt restructuring plan.
"The company has made an allotment of 107,54,015 equity shares of Rs 2 each on March 31, 2015 to the Corporation Bank (CDR Lender) who have signed the Master Restructuring Agreement," the company said in a filing to BSE.
This allotment, it said, is towards conversion of FITL (Funded Interest Term Loans) into equity for the period from December 1, 2013 to December 31, 2014.
Last year IVRCL had said that it has put up Rs 4,000 crore worth of assets for sale and expects to come out of debt burden in the next two years once the sale is successful.

It had earlier said that the irrigation and water divisions of the company has bagged orders worth Rs 1,255.67 crore with majority of the works from Karnataka Government and BHEL.