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The board of Tilaknagar Industries on Thursday approved proposals such as to increase the authorised share capital of the company from ₹150 crore to ₹210 crore; issue and allot shares in favour of lenders upon conversion of the loan/debt facilities ; terms and conditions of restructuring of the dues owed by the company to Edelweiss Asset Reconstruction Company (EARC), acting as trustee; issue of up to 1.98 crore equity shares to EARC at ₹17.05 a share towards conversion of part of the debt amounting to ₹33.86 crore; and issuance of up to 5.36 crore to investors at ₹13.75 a share on preferential basis through private placement.
The stock of Tilaknagar closed 2.80 per cent higher at ₹15.40 on the BSE.
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