Fund infusion to add strength to Shriram EPC

The board of directors of Shriram EPC on Friday approved conversion of the funded interest term loan to a maximum of ₹313 crore of the CDR lenders into equity shares of the company. The board also approved preferential issue of ₹389 crore worth equity shares to Shriram Industrial Holdings, its promoters. The funds will be used for redeeming the cumulative preference shares and for the repaying unsecured loans. Shares of the engineering major will remain in focus.