Textile firm Bombay Rayon Fashions today said its Board has approved conversion of debt worth Rs 934.26 crore into equity in favor of the lenders.
On the recommendations of lenders forum, the working capital term loan (WCTL) of Rs 712.67 crore and Rs 221.58 crore funded interest term loan would be converted into equity in favor of lenders, the company said in a regulatory filing.
"Based on the recommendations of JLF dated November 4, 2015, conversion of WCTL of Rs 712.67 crore and FITL of Rs 221.58 crore, aggregating Rs 934.26 crore into equity in favour of lenders as mentioned in the CDR review note stands approved subject to compliance of SEBI/RBI guidelines," it added.
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According to the company's website, the firm has fabric manufacturing facilities of 100 million meters per annum, garment manufacturing facilities of 60 million pieces per annum which is being expanded to 90 million pieces per annum.
Shares of the company today closed 0.42 per cent down at Rs 167.30 apiece on BSE.
