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Debt-laden infra firm IVRCL keeps hope of finding new promoter alive

Firm's lenders couldn't find new promoter within 18-month period ending May 25, stipulated under SDR

BS Reporter  |  Hyderabad 

The management of the debt-laden infrastructure company IVRCL has hinted at the possibility of acquisition by a new investor. Over 50 per cent of the stake in the company is currently held by its lenders as part of the strategic debt restructuring (SDR) invoked in 2015. Under the SDR scheme, these banks were required to transfer at least 26 per cent of their shareholding to a new promoter within the stipulated period of 18 months, which ended on May 25. In a filing with the stock exchanges, IVRCL management, however, hinted that the chances of roping in a new promoter were still ...

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First Published: Wed, May 31 2017. 19:30 IST
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