The wholly-owned overseas subsidiary is in the business of storage, warehousing, freight transportation and other land transport services.
The objective of the conversion is to strengthen the capital structure, improve profitability and facilitate business growth.
The conversion of loan into equity was done under the automatic route permitted by Reserve Bank of India.
Accordingly, $14,824,425 was converted into 89,845 equity shares at a valuation of $ 165 a share.
