IVRCL rallies 6%; to convert loans into 51% equity holding

The company has decided to convert part of their loans to the highways developer into a 51 percent or more equity holding.

IVRCL Ltd rallied 6% to Rs.7.45 after the company has informed BSE that State Bank of India, Monitoring Institution acting on behalf of the lenders has informed the Company that JLF at the meeting held on February 23, 2016 have approved the SDR conversion package and that the Lenders will convert part of the debt of the Company into equity, in one or more tranches, at the price of Rs. 8.765/- per equity share of face value of Rs. 2/- each, enabling the lenders to collectively hold 51% or more of the total share capital of the Company, pursuant to provisions of SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2015 read with RBI Circular on SDR.

The scrip opened at Rs. 7.2 and has touched a high and low of Rs. 7.69 and Rs. 7.2 respectively. So far 934424(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 384.01 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 21.3 on 03-Mar-2015 and a 52 week low of Rs. 6.2 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 7.8 and Rs. 6.7 respectively.

The promoters holding in the company stood at 7.69 % while Institutions and Non-Institutions held 37.32 % and 55 % respectively.

The stock is currently trading above its 200 DMA.