ERJ staff report (DS)
Mumbai - Dunlop India said that three debtors have converted debts owed to them by Dunlop into equity in the company.
The three companies are Suncap Commodities Ltd; Regus Impax Pvt Ltd and Salputri Commerce Pvt Ltd. The company issued a total of 50 million shares to the three companies,. Each share was valued at a nominal Rs 10, but was given to the companies at a premium price of Rs 12. The shares wipe out an existing loan opf Rs 60 million.
The move was approved by an extraordinary general meeting of shareholders
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Summary announcement from Dunlop via BSE
Full announcement from Dunlop via BSE
Dunlop board allots shares to convert loan into equity SME Times (India)