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3i Infotech surges 27% post shares allotment under CDR package

Allotted 225.9 million shares to lenders under its corporate debt restructuring (CDR) package at Rs 19.74 per share.

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3i Infotech has surged over 10% at Rs 12.30, extending its past four days rally, after allotting 225.9 million shares to lenders under its corporate debt restructuring (CDR) package at Rs 19.74 per share.

On June 29, IT consulting and software firm has allotted around 89 million shares to ICICI Bank. This includes 17.7 million shares allotted to the bank on conversion of 70 million preference shares as agreed in the package.

In March, the lenders of had agreed to the debt restructuring proposals, which included conversion of secured and unsecured debt to equity and grant of additional term loans of Rs 75 crore.

The stock has rallied 27% in past five trading sessions on the Bombay Stock Exchange, compared to less than 2.5% rise in the benchmark Sensex and 4% gain in small-cap index.

The counter has seen huge volumes today, with a combined 16.88 million shares already changed hands so far, against an average sub 5 million that were traded daily in past two weeks.

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