Shriram EPC Limited, part of a part of the $9 billion Shriram Group, today informed Exchange that company's Board has decided to convert part of the Working Capital Term Loan of the CDR lenders into equity shares of the company to a maximum of Rs 491.83 crore. Promoters of the company also planning to infuse money into the company.
The company said, subject to shareholder and other regulatory approvals, the conversion will take place at a price to be determined as per regulations. CDR lenders refers to those whose loans to the company have been restructured under the Corporate Debt Restructuring (CDR) package.
The company also said promoter of infusion of equity capital on preferntial basis for a maximum of Rs 100 crore, subject to shareholder and other regulatory approvals, at a price to be determined as per regulations.
Shriram EPC said it would seek shareholders approval for the above decisions. A $240 million company, Shriram EPC is the engineering arm of the Shriram Group and provides end-to-end solutions to engineering challenges offering multi disciplinary design, engineering, procurement, construction and project management services.