Shriram EPC climbs 11% on plans to convert debt into equity

Shriram EPC's scrip today rose sharply by 11 per cent as the company will take shareholders nod for conversion of debt worth up to Rs 1,280 crore into equity shares.
The stock zoomed 10.83 per cent to settle at Rs 28.15 on BSE. During the day, it jumped 17.91 per cent to Rs 29.95.
On NSE, shares of the company advanced by 9.6 per cent to end at Rs 27.95.
"Board at its meeting 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," the company had said in a regulatory filing yesterday.

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 Chennai-based firm is involved in engineering, procurement, construction and project management services, among others.