IVRCL Surges on Allotment of Shares to Lender
Shares of IVRCL surged as much as 9.72 per cent to touch a high of Rs 10.27 on Wednesday after the company allotted 1.94 lakh shares to Srei Equipment Finance at a premium to the prevailing market price.
The infrastructure company allotted the shares to Srei Equipment Finance at Rs 24.39 per share. This is at a premium of Rs 15 over Tuesday's closing price of Rs 9.36.
IVRCL has allotted the shares to Srei Equipment Finance under the corporate debt restructuring program. "The allotment is towards conversion of funded interest term loan (FTIL) into equity," said IVRCL in a filing with the Bombay stock Exchange. FTIL is a loan given to companies to make payment of interest under a restructuring program.
As on 9.59 a.m., shares of IVRCL were trading 6.4 per cent higher at Rs 9.95, outperforming the broader market indicator Sensex which was up 0.86 per cent.
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