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Board of MSP Steel & Power approves increase in capital and implementation of S4A scheme

Capital Market 

At meeting held on 17 June 2017

& Power announced that the Board of Directors of the Company at its meeting held on 17 June 2017 has approved the following -

a. Increase in the Authorised Share Capital and Consequential amendments to Memorandum of Association of the Company;

b. Conversion of 6 % Redeemable Non-Cumulative Preference Shares to Equity Shares owing to the Scheme for Sustainable Structuring of Stressed Assets

c. Implementation of Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme);

d. Approval for conversion of Loan by Lenders into Equity Shares/Optionally Convertible Debentures (OCDs) of the Company ('Securities') and also issue and allot pursuant to implementation of the Reserve Bank of India S4A Scheme for the Company;

f.Appointment of Statutory Auditor to fill casual vacancy.

The Board has decided that the Extraordinary General Meeting of the Company shall be convened on 13 July, 2017

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 09:14 IST