ICICI Bank has acquired 2.25 crore shares of IVRCL through interest loan conversion. Following the acquisition, ICICI Bank took an equity exposure in the infrastructure firm. The acquisition translates to 5.03 per cent stake in the company.
According to a filing made with the BSE, this acquisition of shares in the Hyderabad-based infrastructure company is on a cumulative basis and in accordance with the terms and conditions laid down in the corporate debt restructure process of the company.
The CDR empowered committee had approved the restructuring package proposed by the company in June 2014. It had allotted 8.8 crore shares in December 2014 to various lenders in first tranche.