Patel Engg board gives nod to convert debt into equity

The board of Patel Engineering has approved conversion of bank loans into equity under the Reserve Bank of India’s strategic debt restructuring route, the company said in an exchange filling. The company has received approval to convert debt into equity of not less than 51 per cent of the post-issue capital. Shares of Patel Engineering ended up 3.3 per cent at ₹51.05 on the NSE.