IVRCL is currently up almost 4,5% at Rs.10 levels, closer to its intra day high of Rs.10.17. Volumes have jumped up from a two-week average of some 6 lakh shares to 7.5 lakh shares traded today morning alone.

The company announced receipt of irrigation and water division orders worth Rs.351 crore. The irrigation division has got the major chunk of the order – Rs.325 crore and this is from Cauvery Neeravari Nigama, in the state of Karnataka. This project is to be completed in 24 months.

The water division got a Rs.26 crore order from Karnataka Urban Water Supply and Drainage Board. 

On 1^st Dec, the company had announced that the CDR Lenders have informed the company that at the Joint Lenders Forum (JLF) held on November 26, 2015, the Lenders have invoked Strategic Debt Restructuring (SDR) in the Company and adopted the “Reference Date” for the purpose as November 26, 2015.

This was an expected move as the company, in October’15, under the CDR, had allotted 1.5 crore equity shares of Rs.2 each at issue price of Rs.24.39 to International Asset Reconstruction Company Pvt Ltd (a Corporate Debt Restructure lender) who had inked the master restructuring agreement when the loans were recast.  This allotment was to facilitate conversion of Fixed Interest Term Loan into equity, for the period of December 1, 2013 to August 31, 2015.

The company is sitting on a debt of over Rs.7000 crore and this was the only recourse available. As such, currently lenders are holding 39.85% stake in the company and promoters stake is at just 8.28%