Following invocation of pledged shares and partial conversion of sub debt
Power Finance Corporation announced that the Board of Directors of Shree Maheshwar Hydel Power Corporation at its meeting held on 01 June 2016 approved transfer of 6,57,46,779 equity shares of Rs 10 each in favour of PFC pursuant to invocation of shares pledged by its promoters in favour of PFC in terms of pledge deed dated 30 November 2006. Further the Board of SMHPCL in its meeting also approved allotment of 6,61,00,000 equity shares of Rs 10 each to PFC consequent upon partial conversion of sub debt loan to SMHPCL to the extent of Rs 66.10 crore in terms of subordinate loan agreement dated 20 September 2006.Upon invocation of pledged shares and partial conversion of sub debt, the total shareholding of PFC in SMHPCL stands at 13,18,46,779 equity shares of Rs 10 each representing 23.32% of paid up equity capital of SMHPCL.
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