Shriram EPC, a leading service provider of design, engineering, procurement, construction and project management services, witnessed a rise in share price on Monday after the company's board of directors approved the corporate debt restructuring scheme.
The company would allot 2,29,26,016 equity shares of face value of Rs. 10 each (with a premium of Rs. 22.98 each) to CDR Lenders ON CONVERSION OF FUNDED INTEREST TERM LOAN (FITL), on preferential basis.
Further,allotment of 2,29,83,770 equity shares of face value of Rs. 10 each (with a premium of Rs. 30.05 each) of the company to CDR Lenders on conversion of funded interest term loan (FITL), on preferential basis.
The board of directors also approved, allotment of 1,05,07,836 equity shares of face value of Rs. 10 each (with a premium of Rs. 27.02 each) to the Promoter - M/s. Shriram Industrial Holdings Limited.
Also, the company has given nod for obtaining of the Consent of the Shareholders through the process of Postal Ballot Under Section 110 and Section 102 of the Companies Act, 2013 and appointment of Scrutiniser for the Postal Ballot.
Shares of Shriram EPC are trading at Rs 32.95, up Rs 1.7, or 5.44% at the Bombay Stock Exchange (BSE) on Monday at 11:53 a.m.
Total volume of shares traded on the bourses today was higher by 4,279.48% to 208,256 compared with 22-day average volume of 4,755.