IVRCL ends 4% up after allotting shares to Bank of Nova Scotia

Stocks of infrastructure firm IVRCL settled with over 4 per cent gains today after the company said it has allotted 6.46 lakh shares to Bank of Nova Scotia as part of a Strategic Debt Restructuring (SDR).
The company's scrip gained 4.14 per cent to end the day Rs 5.03 on BSE. Intraday, it jumped 9.1 per cent and touched a high of Rs 5.27.
At NSE, the shares climbed 4.17 per cent and settled at Rs 5.
On the volume front, 12.10 lakh shares traded on BSE while over 63 lakh shares changed hands at NSE.
The company yesterday 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 had 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.