3i Infotech gains 9% on share allotment under CDR
IT services firm 3i Infotech rose 9 percent on Wednesday following allotment of equity shares under corporate debt restructuring scheme.
3i Infotech surged 9 percent extending gains after it announced that the company will allot 225.9 million shares to lenders under its corporate debt restructuring (CDR) package at Rs 19.74 per share last Friday.
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IT consulting and software firm has allotted around 89 million shares to ICICI Bank, which initially promoted the IT services firm. 40 million shares were alloted to Standard Chartered Bank and 29 million shares to IDBI Bank.
The company's lenders had agreed to the CDR proposal in March this year which allowed the company to convert secured and unsecured debt to equity.
The stock was up 9.25 percent to Rs 12.17 on BSE.
