The Hindu Business Line : SS Organics to convert loans

HYDERABAD: Pharmaceutical company SS Organics Ltd has decided to convert the unsecured loans brought in by the promoters and their associates earlier into equity capital.

At its meeting held last week, the board approved a proposal to convert the unsecured loans of Rs 2 crore into 20 lakh equity shares of Rs 10 each.

The board also proposed to increase the authorised capital to Rs 8 crore from the existing level of Rs 6 crore.

Keeping this in view, the board has decided to convene an extraordinary general meeting of its shareholders on February 27 to seek their approvals.

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