Essar Shipping has received its shareholders’ approval for the proposal to increase authorised share capital to Rs 650 crore from Rs 500 crore. The company’s members gave approval for the same at the AGM held on December 29, 2017.
The proposal was to increase in authorised share capital of the company and reclassification of share capital and change in Memorandum of Association and Articles of Association of the Company accordingly so that it can convert its debt into equity.
Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.
