New Delhi: Diamond Power Infrastructure on Friday said its board has approved a proposal for strategic debt restructuring (SDR) initiated by the banks. According to the statement, the board approved the invocation of SDR by lenders in the joint lenders’ meet held on 29 June 2016. “The board of directors of the company at its meeting held on July 21, 2016,.. has discussed and approved SDR proposal initiated by the banks,” the company said in a BSE filing. The board also recommended to have an enabling resolution to shareholders in the 24th AGM for empowering the board of directors with suitable power to execute the transaction. Company’s lenders have invoked SDR with a view to convert a substantial portion of the debt into equity.

Source: Mint July 22, 2016 14:50 UTC