IL&FS Eng to seek shareholders' nod for restructuring plan

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IL&FS Eng to seek shareholders' nod for restructuring plan

IL&FS Engineering (formerly Maytas Infra) today said it will seek shareholders' nod to adjust Rs 612.2 crore debt against securities premium as directed by the Andhra Pradesh High Court.

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IL&FS Engineering (formerly Maytas Infra) today said it will seek shareholders' nod to adjust Rs 612.2 crore debt against securities premium as directed by the Andhra Pradesh High Court. The capital restructuring scheme is aimed at wiping out losses that the company had to face for a couple of years owing to the scam at Satyam Computers two years ago.

The company Board would meet December 9, as directed by the high court for approvals, IL&FS Engineering said in a filing to bourses.

"The company would be able to present a correct picture of itself in the market and this explores opportunities for the benefit of shareholders. In order to show a satisfactory but factually correct financial picture, the management considered that it would be in the fitness of things to rightsize the balance sheet by way of setting off its past losses against the securities premium," the filing said.

The company's preference shareholders would meet to decide upon the issues under the HC-nominated chairman. Recently, the company has undergone major restructuring in the core management replacing former chairman and CEO. The Saudi Bin Ladin group which holds a majority stake has four of its nominees on board.

The restructuring will not impact the shareholding pattern of the company with the promoters holding 34.56%, the filing added.