OGPC seeks shareholders' nod to convert debt into equity

Rajalakshmi S Updated - January 13, 2018 at 01:22 AM.

Orient Green Power Company (OGPC) has sought shareholders’ vote for converting up to Rs 50 crore of debt of YES Bank into equity.

The special resolution is to approve the conversion of loan into equity through allotment of equity shares of face value of Rs 10 to YES Bank Ltd.

The move follows the bank’s exercise of its right to convert certain outstanding credit facilities granted by the bank which shall not exceed the principal amount of Rs 50 crore, OGPC said in the postal ballot notice.

The company has also sought shareholders’ approval for reappointment of S Venkatachalam as Managing Director for three years — from September 23, 2016 to September 22, 2019.

Besides, it has asked them to approve the corporate guarantee issued to Clarion Wind Farm Pvt Ltd. The guarantee is for an amount of Rs 50 crore in favour of City Union Bank Ltd, on behalf of Clarion Wind Farm, which is a step-down subsidiary of the company.

The results of the postal ballot/e-voting will be announced on March 28, 2017.

Published on February 27, 2017 10:07