ABG Shipyard shareholders reject lenders invocation of SDR: Srcs

ABG Shipyard's shareholders have rejected its lenders' proposal to invoke strategic debt restructuring (SDR) in the company, sources tell CNBC-TV18.The 22 lenders - led by ICICI Bank - have proposed acquisition by converting 51 percent of the Rs 16,397 crore debt into equity which will allow them to take control of the company's management. But this proposal of changing shareholding pattern has been rejected by shareholders. The lenders have written to the RBI to give them more time to turn the company's debt into equity citing the fact that there are legal restrictions.Watch video for more.