Orient Green Power Company (OGPC) has sought shareholders' vote on converting up to Rs 50 crore of debt of Yes Bank into equity.
The special resolution is to approve the conversion of loan into equity through allotment of equity shares of the face value of 10 to Yes Bank Ltd.
The move follows bank's exercise of its right to convert certain outstanding credit facilities granted by the bank which shall not exceed the amount of principal of 50 crores, OGPC said in the postal ballot notice.
The company has also sought shareholders' approval for reappointment of S Venkatachalam as Managing Director for 3 years -- from September 23, 2016 to September 22, 2019.
Besides, it has asked them to approve the Corporate Guarantee issued to Clarion Wind Farm Pvt Ltd. The guarantee is for an amount of Rs 50 crore in favour of City Union Bank Ltd, on behalf of Clarion Wind Farm, which is a step-down subsidiary of the company.
The result of the postal ballot/e-voting will be announced on March 28, 2017.
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