3I Infotech is a penny stock today– consistently making losses. Market cap stands at Rs.247 crore. Shockingly, promoters stake is at a pathetic 6.37% with DIIs holding 36.08%, which explains instantly that it is a CDR case. Intra day, the stock price jumped up over 8% and this is thanks to its preferential allotment.

As per the Corporate Debt Restructuring (CDR) plan, based on the terms of master restructuring agreement between CDR lenders and 3i Infotech, the company has allotted 1,69,70,618 equity shares at a conversion price of Rs 19.74 on a preferential basis to DBS Bank on October 7.

This apart, on October 6, 3i Infotech also allotted 40,016 equity shares against conversion of the FCCBs of principal amount of US$ 13,000.