ICICI Bank Ltd.

Private Sector lender, ICICI Bank acquired around 5.36% stake in IL&FS Engineering and Construction Company, earlier known as Maytas Infra, through the CDR mechanism. ICICI, which already held 1.50% in the company, acquired the shares post restructuring through the CDR mechanism.

Maytas Infra, company promoted by Ramalinga Raju, approached the CDR cell for Corporate Debt Restructuring while the Masters Restructuring Agreement was signed in September 2010, post to which it negotiated with 5 banks and entered into One Time Settlement (OTS).

Late in the month of September, the company allotted 1.24 crore fully paid up capital equity shares to the banks under the CDR scheme at Rs 60.40 per share by converting 75 lakh 6% Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS).