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The infrastructure firm IVRCL Ltd has decided to split its Engineering Procurement Construction (EPC) and assets business-land and Build Operate Transfer (BOT)- to float two separate companies.
The company said in a filing that the board has decided to convene a shareholders’ meeting to approve the conversion of part of the debt into equity shares of the company pursuant to invocation of strategic debt restructuring by joint lenders forum.
IVRCL said that “To carve the business of the company into ‘EPC Company’ and ‘Assets Company’ which includes Land/BOT and other assets, by way of Scheme of Arrangement subject to receipt of “No objection letter” (NOC) from the lenders/Joint Lenders Forum, approval of the High Court of Andhra Pradesh and Telangana and any other approvals as may be required.”
