Shriram EPC Ltd today said its board will meet on April 10 to consider issuance of equity shares to lenders under the corporate debt restructuring (CDR) package.
In a filing to the BSE, Shriram EPC informed that the board will consider the proposal to convert the funded interest term loan of the CDR Lenders into equity shares of the company.
CDR Lenders refers to the lenders of the company whose loans are restructured under the Corporate Debt Restructuring (CDR) package.
The board will also consider issue of equity shares of the company on preferential basis to the promoters, Shriram Industrial Holdings Ltd (SIHL). The proceeds would be utilised towards redemption of cumulative redeemable preference shares and the repayment of the unsecured loan, it added.
The shares of the company closed at Rs 36.20 a piece on BSE, up 5.69 per cent from the previous close.
Shriram EPC is the engineering arm of diversified Shriram group.
