3i Infotech has allotted 22.6 crore shares at Rs 19.74 a share to its lenders for restructuring debt.
This is pursuant to the terms of the restructuring agreement signed on March 30. Allahabad bank, Bank of Baroda, Central Bank of India, Standard Chartered Bank are some of the lenders.
About 8.9 crore shares were allotted to ICICI Bank. This includes 1.77 crore shares allotted to the bank on conversion of seven crore preference shares as agreed in the CDR (corporate debt restructuring) package, said 3i Infotech.
According to the BSE announcement on March 21, lenders of 3i Infotech had agreed to the debt restructuring proposals. Some of these proposals included conversion of secured and unsecured debt to equity and grant of additional term loans of Rs 75 crore.
The shares of the IT company closed at Rs 9.83, up 0.61 per cent from the previous close, on the BSE.