ICICI Bank increases stake in IVRCL to 11.43%

Acquisition has happened under the terms of strategic debt restructuring (SDR)

ICICI Bank has increased its stake in the debt-laden IVRCL Limited to 11.43% by acquiring a fresh 39.91 million shares amounting to 7.3% of the equity share capital of the company. Prior to the fresh acquisition the bank held 22.57 million equity shares or 5.03% of the total equity capital at that point of time.

The bank has acquired the shares on a cumulative basis under the terms of the Strategic Debt Restructuring(SDR) between June 25, 2015 to April 13, 2016, according to a filing issued to the BSE.

The country's largest private sector lender was a part of the lenders consortium that had approved SDR for the company in November last year. Under the SDR terms the lenders will buy 50% or more of the company's shares in preparation to find a buyer for the debt-laden company.