Essar Shipping gets nod to raise share capital

Source: The Hitavada      Date: 31 Dec 2017 09:27:03


NEW DELHI,

Dec 30,

(PTI),

ESSAR Shipping on Saturday said its shareholders approved the proposal to increase authorised share capital to Rs 650 crore from Rs 500 crore at the annual general meeting held yesterday. The proposal to increase the authorised share capital of the company from Rs 500 crore to Rs 650 crore (divided into 50 crores) equity shares of Rs 10 each and 15 crore preference shares of Rs 10 each of the company was approved by shareholders at the AGM held on Dec 29, 2017, it said in a BSE filing.

The proposal was to increase in authorised share capital of the company and reclassification of share capital and change in Memorandum of Association and Articles of Association of the Company accordingly so that it can convert its debt into equity. On August 24, 2010, Essar Shipping Limited (ESL) had issued Foreign Currency Convertible Bonds for USD 240 million carrying interest rate of 5 per cent per annum payable semi-annually.