Monnet Ispat and Energy today said it will convert loan into equity shares to lenders under Strategic Debt Restructuring (SDR) scheme.
In a BSE filing, Monnet Ispat said its Allotment Committee, in a meeting held today, has considered and approved "allotment of equity shares pursuant to conversion of loan into equity shares in line with the provisions of SDR scheme invoked by Joint Lenders Forum (JLF)."
It has also approved allotment of equity shares pursuant to the conversion of loan into equity shares in terms of decision of JLF as a part of corrective action plan to the entities belonging to promoter and non-promoter category, the filing added.
The firm did not specify the amount of loan.
Lenders of Monnet Ispat had formed the Joint Lenders Forum (JLF) in compliance with the Reserve Bank of India (RBI) guidelines.
Shares of the company on the last day of the year ended on a positive note, rising by 4.14 per cent to settle at Rs 35.25 apiece on the BSE.
