3i Infotech rose 13.11% to Rs 5.09 at 13:51 IST on BSE after the company said that it received approval for the proposed debt restructuring scheme.
The announcement was made during trading hours yesterday, 15 June 2016.Meanwhile, the BSE Sensex was down 251.24 points, or 0.94%, to 26,475.10.
On BSE, so far 24.84 lakh shares were traded in the counter, compared with an average volume of 2.29 crore shares in the past one quarter. The stock hit a high of Rs 5.25 and a low of Rs 4.70 so far during the day. The stock hit a 52-week high of Rs 6.80 on 25 June 2015. The stock hit a 52-week low of Rs 2.72 on 20 August 2015. The stock had outperformed the market over the past one month till 15 June 2016, 5.88% compared with 3.70% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, 5.63% as against Sensex's 8.30% rise.
The small-cap company has an equity capital of Rs 640.80 crore. Face value per share is Rs 10.
3i Infotech announced that Corporate Debt Restructuring Empowered Group (CDR EG) approved the company's debt restructuring scheme (DRS). The scheme mentions waiver of all unpaid interest dues from 1 April 2014 till 31 March 2016, including liquidated damages & penal interest. If there is any shortfall in servicing of interest/unpaid interest till 31 March 31 2014, the lenders would be allotted equity shares of the company at face value towards the shortfall amount 'unpaid amount.
The lenders have also approved conversion of 35% of the debt into non-convertible redeemable preference shares (NCPS), with a coupon rate of 0.10% and maturity of 10 years. Further, the lenders approved conversion of 40% of the debt into equity shares of the company at face value of Rs 10 each and retention of balance 25% net debt with elongated repayment schedule and revised interest rate.
The company's board had submitted the DRS to the lenders on 7 December 2015. The CDR EG issued the letter of approval dated 14 June 2016.
On a consolidated basis, 3i Infotech reported net loss of Rs 78.57 crore in Q3 December 2015 as against net loss of Rs 299.59 crore in Q3 December 2014. Net sales declined 10.40% to Rs 286.39 crore in Q3 December 2015 over Q3 December 2014.
3i Infotech provides software solutions and a wide range of IT services. The company has a customer base in geographies like South Asia, Middle East and Africa, Asia Pacific, Kingdom of Saudi Arabia and North America.
Powered by Capital Market - Live News
