Shriram EPC gains 19% on CDR conversion into equity

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Moneycontrol Bureau

Shares of Shriram EPC soared 19 percent intraday Monday on equity infusion. The board has approved conversion of funded interest term loan to the tune of Rs 313 crore of the corporate debt restructuring (CDR) lenders into equity shares of the company.

The board has also agreed to issue of equity shares in lieu of the sacrifice amount to the maximum of Rs 185 crore to the CDR lenders. "Issue of equity shares of the company on preferential basis to the promoters, Shriram Industrial Holdings (SIHL) to the extent of Rs 389 crore and use of proceeds from such issuance towards redemption of cumulative redeemable preference shares and the repayment of the unsecured loan," it said in a statement to the exchange.

At 10:58 hrs Shriram EPC was quoting at Rs 44.60, up Rs 5.00, or 12.63 percent on the BSE.

(Posted by Nasrin Sultana)