According to a filing with bourses yesterday, the company said the board has decided to convene a shareholders' meeting to approve the conversion of part of the debt into equity shares of the company pursuant to invocation of strategic debt restructuring by joint lenders forum.

The company felt that the spinning off of EPC business would enable investment by potential equity investors.

On December 1, the company said the Joint Lenders Forum (JLF) held on November 26, 2015, the lenders invoked Strategic Debt Restructuring (SDR) in the company.

Last year, it recast its Rs 7,300 crore debt under CDR package.

The banks or the lenders are the major shareholders of the company holding 43.88 percent of the equity. As on June 30, the promoters' stake in the company stood at 8.7 percent.

The company is yet to disclose the promoters' stake as on September 30.

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