"The board of directors of the company (CIL)...has approved to convert the loan and current account balance granted to BCCL, its 100 percent subsidiary, aggregating to Rs 2,539 crore into 5 percent non-convertible, redeemable cumulative preference shares," CIL said in a filing to BSE.
The decision was taken at the company's board meeting held on Monday. CIL further said that in order to facilitate this, the board has approved to amend the memorandum of association and articles of association of BCCL. "This is however subject to the approval of shareholders of BCCL," the statement added.
Dhanbad-based BCCL had earlier said that it has its finances have received the approval of the Board for Industrial and Financial Reconstruction (BIFR) to which it was referred to after it was classified as a perennially sick undertaking.
The company was removed from the list of sick industries after its net worth turned positive. BCCL meets almost 50 percent of the total prime coking coal requirement of the integrated steel sector. It was incorporated to operate coking-coal mines in the Jharia and Raniganj coalfields.
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