Lanco Infra gets shareholders' nod to hike authorised capital

Lanco Inftratech Ltd has secured shareholders nod to increase the company's authorised capital from Rs 500 crore to Rs 1,200 crore.

The diversified infrastructure company has secured nod to hike the capital along with a special resolution to confirm restructuring of the company's debts under the corporate debt restructuring mechanism.

In a statement made to the stock exchange, Lanco has informed that various resolutions initiated by the company have been approved by its members through a postal ballot.

The resolutions were amendment to the Memorandum of Association of the Company, Alteration of Articles of Association of the Company, approval for the CDR mechanism, and approval for hike in authorised capital.

Other resolutions were creation of security of assets, increase in borrowing powers of the company, providing option to CDR lenders for conversion of debt into equity shares, and allotment of equity shares to CDR lenders on preferential basis on conversion of 10 per cent of working capital term loan into equity shares.

Related special resolutions on issue of equity shares to CDR lenders on preferential basis on conversion of 20 per cent equity of priority loan into equity shares of the company and issue of equity shares on preferential basis to the promoters of the company were also approved.

The company had earlier secured approval for a CDR package from a clutch of bankers and these resolutions paved the way for completion of the process.

The restructure facility has been extended by a consortium of 25 lenders for Rs 11,155 crore. It includes restructured term-loan, working capital and working capital term loans.

COMMENT NOW