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Adhunik Metaliks Ltd has sought shareholders' approval through postal ballot for conversion of entire debt into equity and providing guarantee to borrowings by group entities worth Rs 5,500 crore. This follows an approved corporate debt restructuring package.
The financially troubled company had defaulted in servicing its debts. The company said it had sought CDR as it faced cash flow problem and increased finance cost burden. It further said that the shareholders have to give their votes on the relevant resolutions on or before May 2. The voting results would be on May 5.
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