Shriram EPC rises 16%, to convert loan into equity

Moneycontrol BureauShare of Shriram EPC rose 16.5 percent intraday Tuesday as it has approved the conversion of loan into equity shares.The company at its meeting held on July 11, has approved the conversion of the working capital term loan of the CDR lenders into equity shares of the company upto Rs 1280 crore.It has also approved preferential issue of Rs 265 crore to the holding company - SVL.The above decisions are subject to shareholders and other regulatory approvals.At 09:56 hrs Shriram EPC was quoting at Rs 28.20, up Rs 2.80, or 11.02 percent on the BSE.Posted by Rakesh Patil