As per the CDR empowered group approval on August 20, 2014, and the master restructuring agreement dated September 20, 2014, executed by the company, CDR lenders have an option to convert restructured facilities into equity shares of the company during the repayment period of the loan. Based on this, CDR lenders have evinced interest to convert their FITL sum into equity.
“Some of the lenders have already obtained approvals from their sanctioning authorities, while the others would provide their final approval letters in due course. The total amount of the FITL component is Rs 313.30 crore,” said the company.
The board of directors of the company was planning to offer, issue and allot up to 9,49,96,968 fully paid-up equity shares of the company, having a face value of Rs 10 each, at a price of Rs 32.98 per equity share, said the company. It has also decided a Sacrifice of upto Rs 184.08 crore into equity shares and the promoters are expected to infuse upto Rs 389 crore as per the package.