Shalimar Wires Industries reports standalone net profit of Rs 44.04 crore in the December 2017 quarter
Held on 13 March 2018The Board of Shalimar 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 Asset Reconstruction Company (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 bank for its ongoing capital projects and working capital requirement.
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