Gammon India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 23, 2016, took note of letter dated March 08, 2016 received from DBS Bank Limited, one of the Lenders to the Company seeking an amendment to the terms of the 'Facility Agreement' entered into with DBS Bank Limited viz, to include an option to the Bank to convert their outstanding loan and interest thereon into equity shares of the Company, in the event of any default by the Borrower ('the Company') in repayment of financial facilities due to DBS Bank Limited. The Company will be approaching the shareholders' for their approval pursuant to the provisions of Section 62(3) of the Companies Act, 2013.
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