 "Tough times prompt VISA Steel to think out of the box")
Electrosteel Steels has surged over 7% to Rs 4.21 on the BSE after a consortium of lenders approved part conversion of the company's debt into equity shares under the debt restructuring package.
Subject to approval of the shareholders and others, Electrosteel Steels' board considered and took on record Strategic Debt Restructuring (SDR) package approved by Joint Lenders' Forum for conversion of part of debt aggregating to Rs 2507 crore into 250.75 crore equity shares of the company of Rs 10 each, the company informed the stock exchanges.
The board also considered and approved increase in authorised share capital of the company pursuant to SDR package, subject to approval of the shareholders and such other approvals as may be required, the company filing added.
The company would convene an extra ordinary general meeting of the company's shareholders on 7 January 2016 to consider and approve the SDR.
On BSE, so far 14.31 lakh shares were traded in the counter, compared with an average volume of 10.29 lakh shares in the past two weeks.
The stock has hit a high of Rs 4.43 and a low of Rs 4.05 so far during the day. The stock hit a 52-week high of Rs 5.48 on 16 December 2014. The stock hit a 52-week low of Rs 2.05 on 8 September 2015.
