Moneycontrol Bureau
Shares of Lanco Infratech rallied 16 percent after the board members approved allotment of preference shares to ICICI Bank under corporate debt restructuring (CDR) package.
"The board of directors of the company approved the allotment of 2,17,72,493 equity shares of Re 1 each at an issue price of Rs 6.23 per share to ICICI Bank, CDR Lender, as per CDR Package approved for the company," said the company in its filing.
It added that the allotment is made on preferential basis and the paid-up share capital of the company after this allotment increased to Rs 248.4 crore comprising of 248.41 crore shares of Re 1 each.
The equity shares allotted to ICICI Bank will be locked-in for a period of one year.
Additionally, the infrastructure company's board of directors appointed Sri Vijoy Kumar and Sri Pawan Chopra as additional directors under the category of independent directors, with effect from June 23, 2015.
At 12:42 hours IST, the scrip of Lanco Infratech was quoting at Rs 4.56, up Rs 0.38, or 9.09 percent on the BSE.
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