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HYDERABAD: The board of directors of Hyderabad Flextech Ltd (HFL) has cleared a resolution to offer 12.5 lakh equity shares of Rs 10 each at par in favour of IDBI Bank by converting the loans into equity.

The company has informed the stock exchanges on Monday that an extraordinary general meeting would be held on December 10 to seek the consent of its shareholders for the proposed conversion of debt into equity.

The company proposes to allot 12.5 lakh equity shares of Rs 10 each at par aggregating to Rs 1.25 crore to IDBI Bank by adjusting a part of the existing term loan in accordance with the terms of loan agreement and one-time settlement of dues.

Keeping in view the fresh equity offer, the HFL board has also approved a proposal to increase the authorised share capital from Rs 12 crore to Rs 18 crore divided into 1.53 crore equity shares of Rs 10 each aggregating to Rs 153 crore and 27 lakh preferential shares of Rs 10 each aggregating to Rs 2.7 crore.

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