New Delhi: Debt-laden Shriram EPC on Monday said it will take approval of its shareholders for conversion of debt worth up to Rs 1,280 crore into equity shares.
"Board at its meeting held on today has transacted the conversion of Working Capital Term loan of CDR Lenders into equity shares of the company to the maximum extent of Rs 1,280 crore subject to shareholders and other regulatory approvals, at a price to be determined as per regulations," it said in a regulatory filing.
The board also decided on the preferential issue to the holding firm - SVL Ltd (erstwhile Shriram Industrial Holdings Ltd) - of Rs 265 crore subject to shareholders and other regulatory approvals, at a price to be determined as per regulations, it added.
The company will also go for shareholders approval on the increase in the authorised share capital and approval for alteration of memorandum of association of the company, it said.
The Chennai-based firm is into EPC (engineering, procurement and construction) and project management services, and provides providing turnkey solutions in the segments of power, mining and water infrastructure, among others.
Shares in Shriram EPC, on Monday, ended 2.42 per cent higher at Rs 25.40 apiece on the BSE, whose benchmark Sensex index finished up 1.84 per cent.