Date:17/07/2004 URL: http://www.thehindubusinessline.com/2004/07/17/stories/2004071703070300.htm

Back Pennar Steel okays revamp scheme

Our Bureau

HYDERABAD: The board of Pennar Steel Ltd (PSL), the city-based ailing company, at its meeting here on Thursday has approved a draft scheme for reconstruction and arrangement with regard to equity and preference capital. The scheme includes conversion of equity into preference shares, conversion of funded interest term loans into equity or preference shares by the secured creditors, financial institutions and debenture holders, and pumping in of funds to the tune of Rs 15 crore by the promoters group, the company informed the stock exchanges.