Hindustan Construction Company will next month seek shareholders' nod for conversion of loan into equity shares or optionally convertible debentures pursuant to implementation of the RBI's scheme for sustainable structuring of stressed assets.
The company will also seek shareholder's nod for increasing the company's authorised capital, HCC said in a filing to the BSE.
The Extraordinary General Meeting of the members of Hindustan Construction Company (HCC) will be held on January 5 and "approval (would be sought) for conversion of Loan by Lenders into Equity Shares/Optionally Convertible Debentures (OCDs) of the company ('Securities') pursuant to implementation of the Reserve Bank of India S4A Scheme for the company," the filing said.
Infrastructure major Hindustan Construction Company (HCC) had earlier in the month 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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