3iInfotech hits 10% UC

3iInfotech hit the 10% UC today at Rs.3.82, with over 10 lakh pending buy orders on the counter. Its 52-week high stands at Rs.6 and low at Rs.2.67.

There is unconfirmed news, a story broken by Times of India, which stated that  private equity firm Samara Capital is in discussions to buy 3i Infotech for an enterprise value of $140-150 million.

The company is in dire straits as far as liquidity is concerned and since 2016, its lenders have been trying their level best to restructure its debt since the time it failed to repay forex bonds.

Of the total outstanding debt of Rs.496 crore, it has been able to repay Rs.98 crore, which is 21% of the total. Clearly, it has a long way to go.

The stock exchanges have sought an explanation on this news and company is yet to issue any clarification.