Diamond Power Infra today said a joint lenders forum (JLF) decided to convert debt of around Rs 855 crore into equity at a meeting held yesterday. <\/p>\n
As per the pricing formula under strategic debt restructuring (SDR) guidelines of RBI, the price per share will be Rs 41.28 per scrip, considering the cut-off date as on June 29, 2016, a BSE filing said. <\/p>\n
According to the statement, this step will bring down the company’s debt by Rs 855 crore, correcting the capital structure of the company in a major way and reducing burden substantially. <\/p>\n
The company’s committee of board of directors will meet on January 24 for allotment of shares to the various lenders in their agreed proportion. <\/p>\n
The company had approached the lenders in March 2016 for a comprehensive restructuring plan that envisaged conversion of debt into equity and induction of a new investor. <\/p>\n
The company has presence with solutions spanning across 90 per cent of power transmission and distribution value chain. <\/p>\n
The stock was trading at Rs 37.25, up 4.93 per cent, on BSE in the afternoon.<\/p>\n","protected":false},"excerpt":{"rendered":"
Diamond Power Infra today said a joint lenders forum (JLF) decided to convert debt of around Rs 855 crore into equity at a meeting held yesterday. As per the pricing formula under strategic debt restructuring (SDR) guidelines of RBI, the price per share will be Rs 41.28 per scrip, considering the cut-off date as on June 29, 2016, a BSE filing said. According to the statement, this step will bring down the company’s debt by Rs 855 crore, correcting the capital structure of the company in a major way and reducing burden substantially. The company’s committee of board of directors […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-97439","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/97439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=97439"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/97439\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=97439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=97439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=97439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}