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Outcome of board meeting of Shalimar Wires Industries

Capital Market 

Held on 13 March 2018

The Board of Wires Industries at its meeting held on 13 March 2018 approved the following -

1. Issuance and allotment of 51,50,000 equity shares of Rs. 2/- each to (India) (ARCIL) against conversion of outstanding interest of Rs. 165.50 crore subject to settlement of their outstanding dues pertaining to assignment of IDBI's debt to them and on the terms as mentioned in the sanction letter dated 26 February, 2018 issued by ARCIL and in terms of Rehabilitation Scheme sanctioned by BIFR vide its order dated 10th June, 2010.

2. Borrowing from the for its ongoing capital projects and working capital requirement.

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

First Published: Tue, March 13 2018. 17:49 IST