IVRCL rose 4.15% to Rs 27.60 at 11:09 IST on BSE after the Corporate Debt Restructuring Empowered Group approved the Corporate Debt Restructuring proposal submitted by the company.
The company made the announcement after trading hours on Tuesday, 1 July 2014.
Meanwhile, the BSE Sensex was up 249.53 points, or 0.98%, to 25,765.88
On BSE, so far 9.99 lakh shares were traded in the counter, compared with an average volume of 15.50 lakh shares in the past one quarter.
The stock was volatile. The stock gained as much as 4.9% at the day's high of Rs 27.80 so far during the day. The stock rose as much as 2.64% at the day's low of Rs 27.20 so far during the day. The stock hit a 52-week high of Rs 30.75 on 22 May 2014. The stock hit a 52-week low of Rs 9.80 on 28 August 2013.
The stock had outperformed the market over the past one month till 1 July 2014, rising 5.7% compared with 5.36% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 96.88% as against Sensex's 13.68% rise.
The small-cap company has an equity capital of Rs 61.38 crore. Face value per share is Rs 2.
IVRCL said that the Corporate Debt Restructuring Empowered Group (CDR EG), at its meeting held on 28 June 2014, have approved the Corporate Debt Restructuring proposal submitted by the company.
The Board of Directors of the company in its meeting held on 30 June 2014 passed necessary resolutions for the implementation of the approved Corporate Debt Restructuring scheme and also to obtain the shareholders approval for passing the necessary resolutions, IVRCL said.
IVRCL reported net loss of Rs 328.11 crore in Q4 March 2014 as compared to net profit of Rs 6.07 crore in Q4 March 2013. Net sales declined 18.5% to Rs 1215.46 crore in Q4 March 2014 over Q4 March 2013.
IVRCL operates in the core infrastructure sectors of water & environment, transportation, buildings and power.
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