Adhunik Metaliks to consider debt restructuring tomorrow

Adhunik Metaliks today said its board will meet tomorrow to consider a debt restructuring plan as well as conversion of loans into equity.
An "emergency meeting" of the board would be convened tomorrow, the company said in a regulatory filing.
The board would consider "composite debt restructuring sanctioned by the CDR empowered group ... And implementation of the CDR package before March 31, 2015," it said.
Notice of postal ballot for increasing the borrowing limit to Rs 5,500 crore, conversion of entire CDR package debt into fully paid equity shares as per extended guidelines of sanctioned CDR package would also be discussed.

Earlier this week, the company had said that its debt restructuring would extend to Orissa Manganese & Minerals Ltd with which it is to be merged.
In December last year, the company had opted for debt restructure, saying some of its mines have closed and coal remains scarce. The joint lender's forum also approved the plans.

The Adhunik Group is engaged in mining, steel and power businesses. It also makes value-added steel products and has steel manufacturing facilities in Orissa and Jharkhand.
It has set up an integrated steel plant of 0.45 million tonnes (MT) at Sundergarh, Orissa and has a captive iron ore mine at Keonjhar and captive coal mines at Talcher and Angul in Odisha.

Shares of Adhunik Metaliks Limited today dropped by 7.76 per cent to close at Rs 21.40 per scrip on the BSE.