Dunlop India converts loans to equity

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

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Summary announcement from Dunlop via BSE

Full announcement from Dunlop via BSE

Dunlop board allots shares to convert loan into equity SME Times (India)