The board has approved conversion of funded interest term loan to the tune of Rs 313 CR of the corporate debt restructuring (CDR) lenders into equity shares of the company.
The board has also agreed to issue of equity shares in lieu of the sacrifice amount to the maximum of Rs 185 CR to the CDR lenders.
"Issue of equity shares of the company on preferential basis to the promoters, Shriram Industrial Holdings (SIHL) to the extent of Rs 389 CR and use of proceeds from such issuance towards redemption of cumulative redeemable preference shares and the repayment of the unsecured loan,"
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