Diamond Power board approves debt restructuring proposal

NEW DELHI: Diamond Power InfrastructureBSE zero.14 % lately same its board has approved a proposal for strategic debt restructuring (SDR) initiated by the banks.
“The board of directors of the company at its meeting continued July 21, 2016,.. has discussed and approved SDR proposal initiated by the banks,” the company same throughout a mad cow disease filing.

According to the statement, the board approved the invocation of SDR by lenders within the joint lenders’ meet continued June 29, 2016.

The lenders are going to be allotted shares that mixture to a minimum of fifty one per cent of the companies’ paid up capital.

The board to boot recommended to have an facultative resolution to shareholders within the twenty fourth AGM for empowering the board of administrators with suitable power to execute the transaction.

“The board to boot approved increase within the authorised capital of the corporate from Rs eighty large integer divided into seven.58 large integer equity shares of Rs 10 every and cardinal.41 100000 stock of Rs 10 every to Rs 2 hundred integer divided into nineteen.58 integer equity shares of Rs 10 and cardinal,41,500 stock of Rs 10 each ranking at associate degree equal rate altogether respect with the prevailing shares,” the company same at intervals the restrictive filing.

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