The board has approved conversions of funded interest term loan to the maximum of Rs 313 crore of the CDR lenders into equity shares, the company said in a release after market hours on Friday.
The board also approved issue of equity shares in lieu of the conversion to the maximum of Rs 185 crore to the CDR lenders and issue of equity shares to promoters, Shriram Industrial Holdings to the extent of Rs 389 crore on a preferential basis, the release added.
The stock opened at Rs 42 and touched a high of Rs 46.65. At 9:34AM, over 63,000 shares were traded on the Bombay Stock Exchange.
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