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MSP Steel & Power announced that the Board of Directors of the Company at its meeting held on 17 June 2017 has approved the following -
a. Increase in the Authorised Share Capital and Consequential amendments to Memorandum of Association of the Company;
b. Conversion of 6 % Redeemable Non-Cumulative Preference Shares to Equity Shares owing to the Scheme for Sustainable Structuring of Stressed Assets
c. Implementation of Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme);
d. Approval for conversion of Loan by Lenders into Equity Shares/Optionally Convertible Debentures (OCDs) of the Company ('Securities') and also issue and allot pursuant to implementation of the Reserve Bank of India S4A Scheme for the Company;
f.Appointment of Statutory Auditor to fill casual vacancy.
The Board has decided that the Extraordinary General Meeting of the Company shall be convened on 13 July, 2017
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