Bombay Rayon board to discuss pref equity shares on March 30

By: | Updated: March 23, 2016 1:06 AM

Bombay Rayon Fashions on Tuesday said that its board will meet on March 30 to consider the issue of equity shares on a preferential basis to the lenders by conversion of debt into equity shares under CDR package.

Bombay Rayon Fashions on Tuesday said that its board will meet on March 30 to consider the issue of equity shares on a preferential basis to the lenders by conversion of debt into equity shares under CDR package.

In September 2013, lenders had agreed to recast its debt under the corporate debt restructuring (CDR) mechanism and has a gross debt of Rs 5,360 crore. Bankers to the company include Axis Bank, Allahabad Bank and  Bank of India.

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