IVRCL allots 6.46 lakh shares to Bank of Nova Scotia

Infrastructure firm IVRCL today said it has allotted 6.46 lakh shares to Bank of Nova Scotia as part of Strategic Debt Restructuring (SDR).
"Pursuant to provisions of Companies Act, 2013 and Sebi (Issue of Capital Disclosure Requirement) Regulations, 2009 and implementation of SDR, the company has made an allotment of 6,46,810 equity shares at a price of Rs 8.765 each, to Bank of Nova Scotia," it said in a regulatory filing.
In December last year, the debt-ridden firm said that its lenders have invoked SDR in the company.
Strategic debt conversion option gives lenders the right to convert their outstanding loans into a majority equity stake if the borrower fails to meet conditions stipulated under the restructuring package and take control of the company operations.

The Hyderabad-based construction and infrastructure company is passing through one of its toughest business cycles over the past 12 quarters. The company has initiated a number of measures to streamline its business while restructuring its functioning.
Shares of the company today rose 5.92 per cent to settle at Rs 4.83 apiece on BSE.