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| Exchange Received Time 13/03/2018 17:46:13 Exchange Disseminated Time 13/03/2018 17:46:22 Time Taken 00:00:09 | The Board of Directors in their meeting held on 13th March, 2018 at Kolkata, approved the following :
1. Issuance and allotment of 51,50,000 equity shares of Rs. 2/- each to Asset Reconstruction Company (India) Ltd. (ARCIL) against conversion of outstanding interest of Rs. 165.50, crores subject to settlement of their outstanding dues pertaining to assignment of IDBI's debt to them and on the terms as mentioned in the sanction letter dated 26th February, 2018 issued by ARCIL and in terms of Rehabilitation Scheme sanctioned by BIFR vide its order dated 10th June, 2010.
2. Borrowing from the bank for its ongoing capital projects and working capital requirement.
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