Moser Baer to seek shareholders approval for CDR scheme

In a communique to the BSE, MBIL said its board has approved "To seek approval of shareholders of the company by way of a special resolution to approve, ratify and confirm the CDR scheme by and between the company and its rupee lenders."

New Delhi: Compact disk maker Moser Baer India's Ltd (MBIL) on Wednesday said it will seek shareholders approval to issue 4 crore shares to its promoter Deepak Puri as part of its corporate debt restructuring (CDR).

In a communique to the BSE, MBIL said its board has approved "To seek approval of shareholders of the company by way of a special resolution to approve, ratify and confirm the CDR scheme by and between the company and its rupee lenders."

The company will also seeks shareholders approval on issuance and allotment of 4 crore shares of Rs 10 face value to Deepak Puri, it added.

Of the total 4 crore shares, the first tranche of 2 crore shares are to be issued before June 2013 and the rest 2 crore before March 31, 2014, it said.

Deepak Puri is also the Chairman and Managing Director of Moser Baer India Ltd.

PTI