IVRCL allots 24.27 mn shares to lenders

The shares have been allotted at Rs 24.39/issue price, which is towards the conversion of funded interest loan

Hyderabad-based IVRCL Limited has made an allotment of 24.27 million equity shares of Rs 2 each at issue price of Rs 24.39 per share on Friday to the CDR (corporate debt restructuring) lenders who have signed the master restructuring agreement last year.

A consortium of 20 lenders had approved the CDR package of Rs 7,350 crore for the company in June, 2014 and as part of the deal they had agreed to convert the interest on term loans into equity.

The fresh allotment is towards conversion of funded interest term loan into equity for the period of July-September, 2015, according to a filing sent to the Bombay Stock Exchange by the company.

Following the allotment of fresh shares, the equity holding of banks and financial institutes in the company rises to 44.50 per cent while the promoters' holding was 8.38 per cent as at the end of September, 2015.