Refinancing Scheme With Lenders By Reliance Defence At Its Board Meet on Feb 11

Team DefenceAviationPost
Reliance Defence and Engineering Ltd board will meet on February 11.  Besides, approving the unaudited financial results for the quarter and nine months ended December 31, 2016 (Q3), the company informed BSE on Wednesday that the Board of Directors at its meeting to be held on February 11, 2017, inter alia, will also consider approving a Refinancing Scheme with the Lenders of the Company and consequent issuance of Equity Shares, Compulsorily Redeemable Preference Shares and Secured Non-Convertible Debentures and convening of an Extraordinary General Meeting for the said purposes.
“The above shall be subject to all permissions, sanctions and approvals as may be necessary under the applicable provisions of law,” the company said in a filing.
On completion of the process of Refinancing, the Company would exist from Corporate Debt Restructuring scheme (CDR).
Reliance Infrastructure Limited (RInfra) owned Reliance Defence and Engineering Limited (‘RDEL’) has the largest engineering infrastructure in India and is one of the largest in the world. The Company is the first private sector company in India to obtain the licence and contract to build warships.
The Shipyard houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks. The fabrication facility is spread over 2.1 million sq. ft. The shipyard has a pre-erection berth of 980 meters length and 40 meters width, and 2 Goliath cranes with combined lifting capacity of 1,200 tonnes, besides outfitting berth of 780 meters.

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