The transfer of 1.3 million shares was done through open market operations, according to an intimation by the company to the Bombay Stock Exchange.
The company has also recently received an approval for restructuring its high cost debts from the Corporate Debt Restructuring (CDR) cell.
Under the guidelines of the restructuring process the rate of interest both on long term debts and the working capital borrowing would see a significant cut at 9 per cent, down from the current level of 13.50 per cent. The repayments of long term debt have also been rescheduled to be paid by the year 2009.
The restructuring exercise also includes the release of additional working capital to meet the requirements of the planned growth in business.
According to the notice sent to the stock exchange,
