Hindustan Construction Company today said that the shareholders have approved conversion of loan into equity shares or optionally convertible debentures pursuant to implementation of RBI's scheme for sustainable structuring of stressed assets.
The shareholders at the extraordinary general meeting (EGM) of the company held on January 5 have approved "special resolution for conversion of loan by lenders into equity shares/optionally convertible debentures of the company (securities) pursuant to implementation of the Reserve Bank of India S4A Scheme," HCC said in a filing to the BSE.
The infrastructure major had earlier approved the issuance of equity shares as well as optionally convertible debentures (OCDs) worth about Rs 2,000 crore to the lenders, under the scheme for sustainable structuring of stressed assets.
HCC is the first company to get its debt restructured under the Sustainable Structuring of Stressed Assets (S4A) scheme.
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