Patel Engineering has informed that the Board of Directors of the Company at its meeting held on June 29, 2016, has approved the conversion of Debt into Equity for not less than 51% of the post issue capital of the Company under the provisions of Strategic Debt Restructuring Scheme devised by the Reserve Bank of India (the RBI), Conducting Postal Ballot for obtaining approval of shareholders of the Company for conversion of debt in to equity. The Board Meeting was commenced at 11.30 am and concluded at 1.10 pm.
The above information is a part of company’s filings submitted to BSE.
