Board approves promoter loan-to-equity conversion of Rs 1.37 cr

Debt RestructuredCredit & Debt View source PDF

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AI summary

RLF Ltd board approved converting an unsecured loan of Rs 1.37 crore from promoters Aditya and Ashish Khanna into 13 lakh equity shares at Rs 10.50 each. Promoter group holding will rise from 34.68% to 42.44%. No cash flows to the company. Subject to shareholder and regulatory approvals via EGM. Board also adopted new Articles of Association per Companies Act 2013.

Likely market impact

Promoter stake rises from 34.68% to 42.44%, reduces company liabilities but dilutes non-promoter shareholders. No change of control.