Sirpur Paper Mills Ltd has informed the BSE that a meeting of the board of directors of the company will be held on November 9 to consider the corporate debt restructuring (CDR) package approved by IDBI Bank Ltd.
In a statement to the BSE, the company has informed that the board will also consider the unaudited financial results and the limited review report of the auditors for the quarter ended September 30, 2012.
The company has received a letter of approval for CDR package from IDBI Bank, the lead lender on November 2, along with the approved package.
The Sirpur Paper management will consider a preferential issue of ordinary (equity) shares to a promoter of the company, pursuant to scheme approved under the CDR framework of the Reserve Bank of India.
Following news about the company securing CDR package nod from its bankers, its shares were quoting up 2.66 per cent at Rs 42.40 on the BSE.