Diamond Power gets shareholder nod to convert debt into equity

Diamond Power Infrastructure today said its shareholders have approved the proposal to convert Rs 2,398 crore debt into equity and optionally convertible redeemable preference shares (OCRPS).
The special resolution to convert the debt of Rs 855 crore and Rs 1,543 crore into equity shares and OCRPS under strategic debt restructuring (SDR) was passed by requisite majority by the shareholders, the company stated in a BSE filing today.
According to the statement, Bank of India will be alloted 5.43 crore shares convert debt of Rs 224.34 crore followed by Bank of Baroda at 2.71 crore shares for Rs 111.9 crore and ICICI Bank at 2.22 crore shares for Rs 91.72 crore loans under the SDR.

Under this arrangement company will allot leders 20.70 crore shares to convert a total debt of Rs 854.82 crore.
Similarly, the lenders will be alloted 5.28 crore OCRPS to convert loans of Rs 1,543 crore of the lenders. Bank of India will be issued 1.38 crore OCRPS to convert debt of Rs 405 crore.
Bank of Baroda will be issued 69.17 lakh OCRPS to convert loan amount of Rs 202 crore while it is proposed to allot 56.70 lakh OCRPS to ICICI Bank for its loan of Rs 122 crore to the company.