Relisted on October 22, 3i Infotech hits seventh straight upper limit

InGovern calls the company 'a case study of restructuring'; firm had emerged out of bankruptcy after both shareholders and lenders agreed to massive haircuts

Shares of 3i Infotech, a mid-tier IT firm, hit their upper trading limit for a seven straight trading session on Tuesday. The company got relisted on October 22 following its debt restructuring scheme, which entailed reduction in capital base by a tenth. Since its relisting, 3i’s stock has climbed 40 per cent and is expected to rise further as restrictive trading rules prolong the fair price discovery process.

Aggressive acquisition strategy since 2007, led to piling up of debt at 3i pushing the company to bankruptcy. However, the company has emerged out of it thanks to both shareholders and lenders