Sakthi Sugars said shareholders through postal ballot approved proposal for corporate debt restructuring.
Shares of Sakthi Sugars gained as much as 20 percent intraday Thursday after the company said shareholders through postal ballot approved proposal for corporate debt restructuring (CDR).
"The company will issue 5.95 crore equity shares at Rs 30.30 per share to ABT in accordance with the CDR scheme on preferential issue basis," the company said in its filing.
Promoter ABT was holding 21.89 percent stake in the company as of December 2013. Total promoter shareholding was 34.5 percent.
M Manickam, executive VC of Sakthi Sugars told CNBC-TV18 that Rs 180 crore of debt has been converted into equity at Rs 30.30 apiece.
Hence, the debt reduced to Rs 600 crore post corporate debt restructuring nod, he said, adding the debt restructuring will continue until 2018.
The stock rallied 8.23 percent to close at Rs 17.75 amid hefty volumes on the BSE.
Posted by Sunil Shankar Matkar
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